XPS Pensions Group has acquired the entire issued share capital of corporate finance and covenant advisor to UK pension funds, Penfida Limited, for a total cash consideration of £11.6m.
The acquisition will allow XPS to provide consulting services to a broader variety of clients, while Penfida clients and employees will get access to XPS’s expanded capabilities.
The present Penfida management team will oversee the business unit which will eventually integrate with the larger XPS Group.
Penfida Limited senior partner Paul Jameson says: “We are delighted to be joining the XPS family where the culture and values of the firm align with our own. As part of XPS we will be able to continue to provide independent advice to our clients and we will benefit from ongoing investment to enable the combined business to grow and thrive into the future.”
XPS Pensions Group co-CEO Paul Cuff says: “Penfida is a business that we have known and admired for a long time. We have seen first-hand the high-quality service they provide when we have worked on clients we have in common. We are excited to welcome their fantastic team. Their expertise complements our existing strong and growing covenant business and means we can offer a market-leading service to current and future clients across the entire spectrum of services that they need.”