Thu, 29 Jul 2021 | BUSINESS SALE
Savings and pensions provider Embark Group has been acquired by Lloyds Banking Group for £390 million, an 11.6x multiple of the group’s last reported revenue of £33.5 million. The takeover also includes several of Embark’s subsidiaries, with the exception of Rowanmoor.
The deal is expected to close by the end of the year and will add £35 billion in assets under administration and 410,000 consumer clients to Lloyds’ business. Jackie Leiper, currently Managing Director Workplace Savings and Distribution at Lloyds’ subsidiary Scottish Widows, will become CEO of Embark post-acquisition.
The acquisition of Embark, which claims to be the UK’s fastest-growing digital retirement firm, will help Scottish Widows in its aim to digitise some of its services. It will also enable it to manage client needs more efficiently and streamline the onboarding of new clients, Scottish Widows said.
Post-acquisition, Lloyds will invest in the company in order to “accelerate Embark’s proposition and service innovations for the intermediary sector”. The acquisition is seen as part of Lloyds’ ongoing strategy of expansion in areas of financial services in which it does not hold market-leading status.
Incoming Embark CEO Jackie Leiper said: “We know that digital engagement is key to helping people visualise their financial future and this acquisition offers huge potential for us to take our retirement proposition to the next level.”
“It’s more important than ever that advisers supporting clients in navigating long-term savings decisions are supported by the right products and services, and this will help us build the best possible experience for intermediaries to meet their customers’ evolving needs, expand our distribution reach and boost our capability to unlock new opportunities, backed by the deep-rooted trust in our brand.”
Embark Chairman David Barral added: “The combination of Lloyds Banking Group’s financial strength and distribution reach, combined with the agility, digital capability, and expertise of Embark, will provide the perfect opportunity to create a market leading proposition for consumers, intermediaries, and strategic partners.”
Find businesses for sale here.
If you are looking for an exit, we can help!
This established UK-based corporate law firm boasts over 30 years of expertise, specialising in corporate & commercial law, real estate, and employment law, with an expanding focus on immigration and private client services.
This established law firm in Cheshire presents a unique opportunity for serious buyers to acquire a reputable practice with a strong client base.
An exceptional opportunity to acquire a debt-free legal practice located in London. The company's current work types are diversified across various sectors.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.