CAPITA Hartshead, the Sheffield-based pensions administration business, has acquired employee benefits consultancy Bluefin Corporate Consulting from AXA for £50 million.
Bluefin employs 548 people in London and seven regional offices, provides employee benefits advice to medium and large corporations and has also developed award-winning benefits management technology.
Capita Hartshead employs 700 people in Sheffield, which will continue to be its corporate headquarters, and a further 1,000 people in 13 offices, including one in Dublin.
Managing director Mike Addenbrooke, who has seen the company grow from a single office administering pensions for nationalised water companies into a pensions administration and consultancy business, becomes non-executive chairman of the merged business.
He said: “This merger will add considerable new market reach and broader expertise to our range of services. The deal will mean Capita has a stronger presence in investment consultancy, the insured pensions sector, flexible benefits and health and risk benefits, allowing us to better help our clients meet the challenges ahead.”