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.
This Bristol-based law practice presents a compelling opportunity with a strong track record in criminal, children, and family law matters, showcasing a diverse portfolio of publicly funded and privately paid work.
This established IFA in Northern Ireland boasts £125m FUM and a robust team, presenting an excellent opportunity to acquire a profitable firm with strong growth potential.
This highly profitable South Yorkshire Independent Financial Adviser (IFA) firm boasts an impressive £150m in Funds Under Management and has been established for 15 to 20 years.
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