Broadstone buys employee benefits consultancy CS Financial Services
Broadstone Group has announced the acquisition of Liverpool-based CS Financial Solutions. The deal sees Broadstone take a step toward strengthening and extending its competitive offering in the employee benefits consulting sector.
Founded in 1989, Broadstone Group is an employee benefits and pensions consultancy based in the UK. Originally created by a Tax Partner within BDO Stoy Hayward, the firm obtained independence in 2016 when owners Oakley Capital and BDO agreed to sell Broadstone to Livingbridge. The private equity firm has invested in a number of consulting firms in recent years, taking a minority stake in Efficio in 2015 and backing Catalyst Development in 2017.
Since Livingbridge’s investment in Broadstone, the firm has been embarking on a campaign for sustained expansion. On the back of appointing Grant Stobart as CEO and Nick Jones as CFO, Broadstone acquired Mitchell Consulting and 2020 Trustees in 2017. Now, having incorporated the purchases into its organisation, Broadstone has completed a third purchase with the acquisition of CS Financial Solutions (CSFS).
CSFS is a specialist employee benefits consultancy, based in Liverpool. The firm works to give clients a solutions-orientated service, characterised by a high level of specialist advice. The firm has a track record of assisting many clients from the initial design of a benefits package through to communication, establishment and on-going support.
The consultancy will now become a fully integrated part of the Broadstone Group, helping to serve the combined entity’s burgeoning client base across the UK and internationally, through the Assurex Global network. The acquisition brings the number of Broadstone regional UK offices to six with other locations in London, Manchester, Sheffield, Nottingham and Falkirk, with a view to supporting both Broadstone’s larger clients and SMEs, which are often poorly serviced by the larger consultancies.
Grant Stobart, Broadstone Group CEO, said of the deal, “This is an exciting acquisition for us and brings additional capabilities and additional experienced staff and scale that will help ensure that we remain truly competitive in the provision of innovative employee benefits solutions in a competitive market that is seeing significant consolidation. We now have over 200 professionals serving more than a thousand clients across the UK.”
Paul McGuckin, CEO at CSFS, remarked that the acquisition offers a number of opportunities, stating, “Being an integral part of a larger, innovative organisation with ambitious growth plans and the resources to deliver will mean that we can continue to offer our clients the very best product solutions and service. For our staff it means that they can benefit from the significant career and development opportunities that come with working for a market leading organisation.”
Livingbridge’s Xavier Woodward meanwhile commented, “This is an exciting next step for Broadstone following its acquisition of Mitchell Consulting and 2020 Trustees and we look forward to seeing the business further deliver on its M&A ambitions in the year ahead.”
