KPMG agrees to sell pensions arm

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.


Share this article



Latest Businesses for Sale

Application Development Practice Providing Bespoke Business Systems
South East, UK

Builds & implements bespoke business systems crafted to an exceptional standard including web-based digital tools social collaboration solutions & web product development for blue-chip SME & start-up clients operating in a range of industries. The co...

Asking Price: Offers Invited
Turnover: £1,900,000

Independent Stockbroker & Wealth Manager
London, UK

Provides discretionary, advisory and execution services to retail and professional clients throughout the UK and internationally. Delivers unbiased and transparent information, advice and strategies, which are tailored to meet its clients’ unique in...

Asking Price: Offers Invited
Turnover: £2,000,000

LEASEHOLD


Independent Provider of Specialist GLP Compliant Services
South East, UK

Unusual opportunity to acquire this well-established independent provider of specialist GLP compliant analytical services in agrochemicals, biocidal and natural products technical and formulated product testing, five batch analysis and storage stabil...

Asking Price: Offers Invited
Turnover: £700,000


View more businesses for sale

News Search

Latest News

 
07
 
Aug
 

Wrexham-based wire firm falls into administration | ADMINISTRATION

Wire manufacturer Wrexham Wire has fallen into administratio...

 
06
 
Aug
 

Leading UK tour operator Ski Weekends enters administration | ADMINISTRATION

One of the UK’s leading ski tour operators Harris Holi...

 
05
 
Aug
 

Pizza Express puts itself up for sale and looks to close 67 outlets | BUSINESS SALE

Pizza Express has announced that it is seeking a buyer for i...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
03
 
Aug
 

Byron Burger closes more than half its outlets in pre-pack deal | BUSINESS SALE

Byron Burger has been sold in a pre-pack deal that will see ...

 
15
 
Jul
 

Restaurant chain Bistrot Pierre acquired in pre-pack deal | BUSINESS SALE

Restaurant chain Bistrot Pierre has been acquired in a pre-p...

 
13
 
Jul
 

Yorkshire retailer Peter Jones enters administration | ADMINISTRATION

Well-known Wakefield-based retailer Peter Jones has entered ...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources