Personal Group acquires Lets Connect

Employee benefits provider Personal Group has acquired Lets Connect for a total consideration of up to £12 million.

Mark Scanlon

The consideration is to be satisfied by a £6 million cash payment at completion, followed by an earn-out over two years for the remainder of the consideration, dependent on performance.

Lets Connect is a home technology salary sacrifice provider with around 100 employer clients.

Dave Cullinane and Stephen Manister, founders and managing directors of Lets Connect, will remain with the organisation, reporting to Ken Rooney, director and deputy chairman of Personal Group. 

Cullinane and Manister said: “We look forward to working with the Personal Group team and are confident that the group’s range of salary sacrifice products and other benefits will be compelling to our [employer] customers and we are similarly excited about offering our products to the group’s existing [employer] customers.” 

Mark Scanlon (pictured), chief executive officer of Personal Group, added: “The board is delighted to announce this acquisition, which is very much in line with the group’s stated strategy of driving organic growth, focusing on our technology and also identifying acquisitions that will enhance the group’s offering to our [employer] clients.

“Lets Connect is a fast growing business in an exciting space, and the board is confident that the new product offering will resonate with our existing [employer] customer base, providing considerable opportunity for cross-selling. The home technology market is growing significantly and we are excited to be a part of this sector.”