Livingbridge exits pensions provider for undisclosed sum

How can one business get ahead in a highly fragmented sector? The private equity house Livingbridge has sold Broadstone, a specialist pensions provider, trustee and employee benefits solution provider, to the asset management company Intermediate Capital Group (ICG). Founded in 1989, Broadstone now manages over 1,500 clients and employees around 400 people across the United Kingdom. In 2016, Livingbridge invested in the business from its 5 fund, recognising the ability to build a mid-market leader in the highly fragmented employee benefits and pensions industry. As a result, Broadstone embarked on a buy and build strategy which included a variety of acquisitions, such as Mitchell Consulting and 20-20 Trustees in 2017 and Steve Southern Trustees in 2020. Xavier Woodward at Livingbridge stated that “We are thrilled with Broadstone’s achievements over the past four years, during which time we have led a transformational growth strategy to create a leading force in the employee benefits sector. Our thanks go to the Broadstone management team who have not only executed the M&A to perfection, but grown the platform organically to fulfil the business’s potential. We wish the team every success with their new partners.”
Picture – Xavier Woodward, Investment Team at Livingbridge