Fri, 21 Jan 2022 | BUSINESS SALE
Pensions provider Cushon has more than doubled its assets under management and customer base with the acquisition of the Creative Pension Trust auto-enrolment scheme. The deal, Cushon’s third acquisition since 2020, takes the firm to over 400,000 customers and more than doubles its assets under management (AUM) from £840 million to £1.7 billion.
The acquisition, for an undisclosed amount, was financing by a £35 million fundraising provided entirely by the company’s existing investors, which include specialty lender Ashgrove Capital and fintech-focused venture capital firm Augmentum Fintech.
The new funding round brings Cushon’s total financing raised in the last two years to £61 million. In addition to the Creative takeover, the funding will be used to scale Cushon’s operational capabilities and to invest in product development and new technology.
The Creative Pension Trust is used by around 14,500 employers, with the acquisition meaning that Cushon becomes the UK’s fifth-largest master pension trust provider by employer count. The deal is Cushon’s third acquisition of a pension master trust, following its takeover of the Salvus master trust in 2020 and the Workers Pension Trust in Northern Ireland last year.
Cushon, which was founded in 2014 and says it is looking to be at the forefront of “a tech-revolution of UK pensions”, provides pension and savings services through a mobile app. The app offers users highly personalised pensions solutions and eco-conscious investments.
The UK’s master trust pensions market has experienced rapid growth over the past decade, with membership of non-hybrid defined contribution master trusts increasing from 270,000 in 2012 to more than 18.6 million last year. As of March 31 2021, the Pensions Regulator says there are 38 authorised master trusts serving this membership, with more than £52.7 billion in assets.
Find businesses for sale here.
If you are looking for an exit, we can help!
This financial advisory firm has an infrastructure in place to carry on operating profitably post-sale.
Hertfordshire based IFA with 75% of the business' assets with two major platforms, ensuring a smooth transition post-sale.
This firm has an average portfolio size per household above £0.5m, meaning you will be servicing high quality, profitable clients.
21
|
Feb
|
Pet insurer Tedaisy snaps up dog health app Perro | BUSINESS SALE
Salisbury-based pet insurance business Tedaisy Insurance Gro...
21
|
Feb
|
Edinburgh IT group Purview buys Australian peer EDF Systems | BUSINESS SALE
An Edinburgh-based IT managed services company has beefed up...
21
|
Feb
|
ACC welcomes employee ownership on board | BUSINESS SALE
Surrey-based aviation services business ACC Aviation has tra...
15
|
Feb
|
NatWest acquires controlling stake in workplace pension fintech for £144m | BUSINESS SALE
NatWest Group has agreed a deal to acquire an 85 per cent st...
Business Sale Report is the complete resource for finding genuine acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.