Fri, 06 Dec 2019 | DIVISION SALE
Professional services network KPMG has announced that it has reached a conditional agreement to sell its pensions practice to Newco, in a private equity-backed MBO.
The deal is backed by private equity firm Exponent, along with KPMG’s 20 current pensions partners. All 20 partners and 500 staff currently employed by KPMG’s pensions business will transfer to the new business, which will be named Isio.
Andrew Coles, KPMG UK Head of Pensions, will transfer as part of the deal, becoming Newco’s chief executive.
KPMG has said that it will release further details regarding the deal upon its completion. While the deal value has not as yet been disclosed, KPMG’s pensions division has reportedly previously been valued in excess of £200 million.
KPMG’s own corporate finance team is advising it on the sale, Exponent is being advised financially by Deloitte, while Macfarlanes is acting as its legal advisor. Liberty Corporate Finance are advising KPMG’s pensions partners on financial issues, Addleshaw Goddard is their legal advisor.
Discussions over a sale of the unit began in June and a number of bidders submitted offers. KPMG said in October that it had reached advanced negotiations over the sale of the pensions advisory arm as it looked to restructure its business.
Exponent is reported to have seen off competition for the deal from companies including Duff & Phelps.
Bill Michaels, Chairman of KPMG, has sought to restructure the company in order to focus its business on core areas. The company is also currently in the midst of a £100 million cost-cutting process.
Established over 30 years. Specialises in the provision of candidates for a range of permanent and temporary business support and executive assistant positions.
LEASEHOLD
Offers a wide range of services, including architecture, project management, building defect investigations and surveying to clients throughout South East England and the Midlands.
LEASEHOLD
Specialises in the provision of flexible and reliable will writing, probate and estate management services, working with clients to provide tailored solutions, ensuring high levels of client satisfaction. Enviable client base that comprises long-stan...
LEASEHOLD
|
09
|
|
Apr
|
Topshop flagship store up for sale | COMMERCIAL PROPERTY
Topshop's flagship Oxford Street store in London is dra...
|
09
|
|
Apr
|
Gestamp’s former Washington warehouse hits the market in £6.5m auction | COMMERCIAL PROPERTY
The former Washington base of international car parts manufa...
|
08
|
|
Apr
|
Decorating contractor targets acquisitions after MBO | MBO/MBI
Scottish commercial decorating contractor Bell Group has com...
Sign up to receive our acquisition alert emails to get your FREE guide
|
10
|
|
Mar
|
£32m turnover Angus Steakhouse appeals to landlords with administration looming | ADMINISTRATION
London’s popular Angus Steakhouse chain has appealed t...
|
21
|
|
Jan
|
ProCook considering sale as it undertakes strategic review | BUSINESS NEWS
Kitchenware retailer ProCook is to undertake a strategic rev...
|
09
|
|
Dec
|
Administrators seek buyer for garden machinery firm | ADMINISTRATION
Shropshire-based garden machinery company Oakley’s has...
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