Fri, 21 Jan 2022 | BUSINESS SALE
Pensions provider Cushon has more than doubled its assets under management and customer base with the acquisition of the Creative Pension Trust auto-enrolment scheme. The deal, Cushon’s third acquisition since 2020, takes the firm to over 400,000 customers and more than doubles its assets under management (AUM) from £840 million to £1.7 billion.
The acquisition, for an undisclosed amount, was financing by a £35 million fundraising provided entirely by the company’s existing investors, which include specialty lender Ashgrove Capital and fintech-focused venture capital firm Augmentum Fintech.
The new funding round brings Cushon’s total financing raised in the last two years to £61 million. In addition to the Creative takeover, the funding will be used to scale Cushon’s operational capabilities and to invest in product development and new technology.
The Creative Pension Trust is used by around 14,500 employers, with the acquisition meaning that Cushon becomes the UK’s fifth-largest master pension trust provider by employer count. The deal is Cushon’s third acquisition of a pension master trust, following its takeover of the Salvus master trust in 2020 and the Workers Pension Trust in Northern Ireland last year.
Cushon, which was founded in 2014 and says it is looking to be at the forefront of “a tech-revolution of UK pensions”, provides pension and savings services through a mobile app. The app offers users highly personalised pensions solutions and eco-conscious investments.
The UK’s master trust pensions market has experienced rapid growth over the past decade, with membership of non-hybrid defined contribution master trusts increasing from 270,000 in 2012 to more than 18.6 million last year. As of March 31 2021, the Pensions Regulator says there are 38 authorised master trusts serving this membership, with more than £52.7 billion in assets.
Find businesses for sale here.
If you are looking for an exit, we can help!
An outsourced employment law and HR specialist offering a comprehensive range of services for clients throughout the UK.
LEASEHOLD
A specialist consultancy providing project controls/planning, design management and workflow optimisation support for clients across the UK, the USA and the EU. The company’s comprehensive service offering helps clients plan, manage and control th...
LEASEHOLD
The company specialises in the authoring and compilation of record and handover documentation for buildings, which it delivers via its own in-house developed web-based software platform, electronically, and high-quality hard copy. Priding itself o...
LEASEHOLD
27
|
Jan
|
Administrators to sell assets as office furniture maker collapses | ADMINISTRATION
Bluespot Furniture, a West Yorkshire-based furniture manufac...
26
|
Jan
|
UK M&A down 16 per cent in 2022, but sentiment remains optimistic | BUSINESS NEWS
New analysis from PwC has revealed that UK M&A activity decl...
26
|
Jan
|
Private equity-backed law firm targeting further M&A in 2023 | BUSINESS NEWS
Stowe Family Law, a Leeds-headquartered specialist family la...
Sign up to receive our acquisition alert emails to get your FREE guide
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources