Private equity firm agrees sale of Broadstone

Private equity firm Livingbridge has agreed the sale of Broadstone, a provider of specialist pensions, trustee, and employee benefits services with offices across the UK.

Founded within BDO Stoy Hayward in 1989, Broadstonem, which has been acquired by ICG, offers pensions, trustee, and employee benefits services to SMEs and large corporates.

Livingbridge first invested in Broadstone in 2016, having identified the potential to build a mid-market leader of scale in the fragmented pensions and employee benefits sector. 

Having recruited chair Tony Solway, and with management led by Grant Stobart and Nick Jones as chief executive and chief financial officer respectively, Livingbridge executed a buy and build strategy, which included the acquisitions of Mitchell Consulting and 20-20 Trustees in 2017, followed by CS Financial Services, Thomson Dickson Consulting, BBS Consultants and Actuaries, 3HR Benefits Consultancy in 2019, and Steve Southern Trustees in 2020.  

Livingbridge also invested in Broadstone’s technology infrastructure to drive its operational efficiency and improve client service levels.

Broadstone’s 400-employee-strong workforce now manages nore than 1,500 clients across three service lines, operating from nine offices across the UK. Despite Covid-19 lockdowns, Broadstone has maintained its strong financial performance and client service levels.

Xavier Woodward, at Livingbridge, said: "We are thrilled with Broadstone’s achievements over the past four years, during which time we have led a transformational growth strategy to create a leading force in the employee benefits sector.  Our thanks go to the Broadstone management team who have not only executed the M&A to perfection, but grown the platform organically to fulfil the business’ potential."

Broadstone chief executive Grant Stobart added: "It has been a pleasure to work with the Livingbridge team over this period, during which we have built a business of scale with a strong industry profile, and a reputation for outstanding customer service.  We look forward to a bright future with ICG as we continue the development of Broadstone and 20-20 Trustees during the next stage of their growth."

Advisers on this exit for Livingbridge included Deloitte Corporate Finance and Debt Advisory, LEK on commercial diligence, Deloitte on financial diligence, and Eversheds on legal.

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