Quercus Corporate Finance announces transaction in the pension consulting sector

October 23, 2019
Andrew Clegg

Quercus Corporate Finance is delighted to announce the sale of BBS Consultants & Actuaries to Broadstone Group.

The Quercus team, led by Andy Clegg, advised the Board of BBS Consultants & Actuaries Limited (“BBS”) on the sale of the Company to Broadstone Group (‘Broadstone”), the employee benefits and pensions consultancy specialist backed by mid-market Private Equity firm, Livingbridge.  The consideration was funded through a combination of additional funds from Livingbridge and debt facilities from Broadstone’s banking partners.

Headquartered in Bristol with a recently established South East presence, BBS is a highly respected specialist firm of workplace pensions consultants, actuaries, investment advisers and administrators providing a full suite of pensions advice and management solutions for trustees and employers.  Founded in 1997, BBS has grown to become one of, if not, the leading independent pensions consultancy in the South West, employing over 125 people with a broad client base ranging from local businesses to large, blue-chip organisations.

Broadstone is an acquisitive group having made four acquisitions since Livingbridge invested in 2016, with three of those acquisitions being in the past 12 months.  BBS represents Broadstone’s largest acquisition to date and provides them with significant additional scale and increased breadth of services as well as significant cross-selling opportunities across the enlarged client base.

Andrew Clegg, Partner at Quercus said:

“We have enjoyed working with the team on this important transaction in the fast consolidating pensions advisory market where we anticipate further M&A activity. BBS is a fantastic local business with an exceptional reputation for providing high quality advice and exemplary customer service. In Broadstone, BBS has found an acquirer that shares its ‘client-first’ culture and ethos and I look forward to seeing the enlarged group prosper in the coming years.”

James Stanfield, Chairman and founder-shareholder of BBS added:

“We are delighted that BBS has joined forces with Broadstone, a like-minded business with ambitious plans and we are confident that the business will thrive under its ownership.  The sale is the culmination of a two-year journey with Quercus who have guided us every step of the way.  They are a highly experienced relationship-driven team and the quality of the advice and service we received throughout was a significant factor in a successful Transaction. We are delighted with the outcome.”

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