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 is a thriving, well-established high street solicitor’s practice, located in a young up-and-coming Southwest London borough. The practice is located on a prosperous high street, a stone throw away from bars, restaurants and local amenities. The...
A rare opportunity to acquire an industry leading Environmental Consultancy Business with over 50 years’ combined experience and expertise in the flood management industry. This business provides flood resistance (dry-proofing) and resilience (wet-pr...
SRA regulated limited company solicitors and estate agents in the East Midlands looking for a sale. Directors looking to retire, however willing to remain for limited period of consultancy if required.
25
|
Apr
|
Tile business old to management team by Norcros | MBO/MBI
Johnson Tiles UK, a tile business based in Stoke-on-Trent, h...
25
|
Apr
|
New private equity owner for fleet hire firm | BUSINESS SALE
West Lancashire-based fleet hire business NRG Riverside has ...
24
|
Apr
|
Middlesbrough metal recycling firm acquired from administration | BUSINESS SALE
Cupral Group Limited, a metal recycling business based in Mi...
01
|
Nov
|
Exponent Private Equity prepares for £500m Racing Post sale | BUSINESS SALE
Exponent Private Equity has reportedly entered talks with in...
16
|
Aug
|
Specialist publisher sold at near 3x revenue | BUSINESS SALE
Exponent Private Equity has agreed a deal to sell Dennis Pub...
07
|
Jun
|
Dennis Publishing puts The Week up for sale | BUSINESS SALE
Dennis Publishing has put its news and current affairs publi...
Business Sale Report is your complete solution to finding great 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.