Consulting firm Mercer has acquired The Positive Ageing Company, a boutique UK-based advisory firm focused on issues surrounding the ageing workforce. Terms of the transaction have not been disclosed.
Founded in 2012, The Positive Ageing Company specialises in helping employers and employees manage the financial, care and health impact of ageing.
Yesterday the company’s co-founders, Mike and Chris Minett, unveiled that they have decided to join forces with Mercer, with more than 20,000 employees in 43 countries one of the globe’s largest professional services firms in the human resources landscape. Prior to establishing the Positive Ageing Company, Chris Minett worked his entire career in banking, serving among others UBS, Citi, Deutsche Bank and ING, while Mike Minett too built an extensive track record in financial services, working for the likes of UBS, nabCapital and Commerzbank.
With the move, Mercer says it taps into growing demand for ageing workforce services, on the back of changing demographics in the labour market. Research estimates that by 2020 one in three of the UK workforce will be over the age of 50 and one in every 9 workers will be a “carer”, sparking a growing convergence between the personal and business impact of ageing and caring. “Mercer’s Ageing Workforce Research showed that 84% of companies know that they need to change how they respond to the challenges posed by an ageing workforce. However, there is still much inactivity – many firms are simply unsure how to take the first step,” says Fiona Dunsire, CEO of Mercer’s UK operations. “The Positive Ageing Company will support employers in taking that first step.”
Dunsire further describes The Positive Ageing Company as a “true disruptive innovator” in the HR space, in particular referring to its ‘AgeingWorks platform’. The digital health, wellbeing and eldercare platform provides employees with comprehensive information, support, tools and resources helping them deal with their own personal ageing issues and those of their loved ones.
Mike and Chris Minett say they are “excited” to be joining Mercer, “because we have a shared vision – to enable organisations, their employees and ultimately their families to age well.” Looking ahead they foresee a bright outlook for the combined entity, stating: “Many organisations do not yet fully realise the significant impact that our ageing society is having on their workforce, their customers and their bottom line or more importantly the opportunities to be realised.”
The acquisition of The Positive Ageing Company follows two other recent acquisitions completed in the UK: two months ago Mercer UK bought Jelf Group’s financial planning operations from sister company Marsh (~80 employees) and in May last year the consultancy purchased London-based remuneration specialist firm Kepler Associates. Notable global acquisitions of late include that of Comptryx, a specialist in HR metrics, and Workday expert CPSG Partners, which added 200 advisors to its team in the US.