Broadstone acquires BBS Consultants & Actuaries Ltd
Written by: Paul Bowden FIA
Broadstone, one of the UK’s leading employee benefits and pensions consulting businesses, has announced the acquisition of Bristol-based BBS Consultants and Actuaries. Further strengthening its position in the pension and actuarial consulting marketplace, this is Broadstone’s fourth and largest acquisition in 2019 following the purchases of Liverpool-based CS Financial Solutions, Thomson Dickson Consulting in Glasgow and the London-based 3HR Benefits Consultancy.
Founded in 1997, BBS has established itself as a technology-led, highly respected specialist firm of workplace pensions consultants, actuaries, investment advisers and administrators. With some 250 clients, BBS is a significant player in the South West and is focussed on providing high quality pensions solutions to both trustees and employers.
Commenting on this latest acquisition, Broadstone Group CEO, Grant Stobart 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,” concluded Stobart.
Paul Bowden, Managing Director at BBS, who will lead the enlarged group's pension administration business, said:
“There is a strong cultural fit between our companies. 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 companies 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, from Broadstone's private equity parent, 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.”