LIVINGBRIDGE has agreed a deal to buy a major employee benefits company.
Livingbridge has exchanged contracts to acquire Broadstone Corporate Benefits Ltd and Broadstone Risk & Healthcare Ltd from Oakley Capital.
Broadstone, which employs 40 staff in Sheffield, provides pensions, employee benefits, actuarial and investment services advice to small and medium sized employers, pension scheme trustees and individual pension scheme members. The 130-strong team supports clients across the UK with offices in London, Sheffield and Falkirk. Originally created by a tax partner at BDO Stoy Hayward in 1989, Broadstone was acquired by Oakley Capital in 2010.In a statement, Livingbridge said it will help Broadstone to build scale and broaden its offerings through supporting the management team’s growth strategy, and making selected acquisitions.
Mark Howlett, chief executive of Broadstone Corporate Benefits Ltd, said: “This will allow Broadstone to continue on its growth trajectory by consolidating businesses that share the same ethos for excellent client service. The benefits will be felt by our clients, employees and prospects alike. We look forward to an exciting future with Livingbridge and we are pleased to be part of their growing list of successes.”
Xavier Woodward, of Livingbridge, said: “We are excited to be working alongside Mark and the team to build a leading business in the employee benefits space.
“We are looking forward to helping Broadstone achieve organic growth and supporting the business in making acquisitions – in which the team already has a successful track record.”
Livingbridge operates from offices in London, Birmingham and Manchester, and it invests on behalf of both institutional and retail investors.
Fenchurch Advisory Partners advised Oakley on the transaction. Hines Associates Limited advised Livingbridge.