Benefits and pensions consultancy Broadstone Group has made its fourth acquisition in 2019, adding BBS Consultants and Actuaries to its portfolio.
BBS Consultants and Actuaries, which was founded in 1997, has 130 employees, including workplace pensions consultants, actuaries, investment advisers and administrators. It also comes with £5 billion of assets and more than 250 clients.
Broadstone Group, founded in 1989, has been expanding since it was bought by private equity firm, Livingbridge in 2016. In 2017, the organisation acquired Mitchell Consulting and Nottingham-based 20-20 trustees, and then in early 2019 it added CS Financial Services, a specialist employee benefits consultancy based in Liverpool, Thomson Dickson Consulting in Glasgow and London-based 3HR Benefits Consultancy.
Grant Stobart (pictured), chief executive officer at Broadstone, said: “Above and beyond our continuing organic growth, our stated intent is to follow our ambitious acquisition strategy across the UK in order to reinforce our position in the national employee benefits and pensions consulting sector. With around 130 staff, excellent technology and some £5 billion of assets under advice, the acquisition of BBS represents Broadstone’s most ambitious and strategically important acquisition to date and effectively doubles our scale in the actuarial consulting, investment consulting and pensions administration space.
“By acquiring BBS, we welcome some of the finest pension and employee benefits professionals in the UK to our growing company and they will contribute hugely to our continuing growth and success in the years to come.”
Paul Bowden, managing director at BBS, added: “There is a strong cultural fit between our [organisations]. Broadstone has an excellent reputation in the marketplace with an impressive range of client solutions, and BBS has built a reputation based on professional expertise and exceptional client service.
“Like Broadstone, we share a deep understanding of the challenges faced by [employers] and trustees in relation to their pension schemes, typically providing a more proactive and personal service than that provided by larger providers. The combination is good news for clients who will benefit from an expanded network and access to a larger pool of consultants providing expert guidance and solutions that will help meet their needs.”
Xavier Woodward, part of the investment team at Livingbridge, commented: “We are delighted to have been able to support Broadstone in making its fourth acquisition of the year. BBS is a super business which brings great people and clients into the Broadstone family. It represents a significant step in building Broadstone into one of the UK’s leading pensions and benefits businesses.”