Broadstone buys benefits and pensions consultancy BBS

Benefits and pensions consultancy Broadstone has purchased BBS Consultants and Actuaries for an undisclosed fee. The deal represents the fourth acquisition of Broadstone in 2019, and significantly increases its footprint across the South West of England.

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. Through 2019, this has now seen four major acquisitions for the firm. Earlier in the year, Broadstone completed the purchase of CS Financial Services, a specialist employee benefits consultancy, based in Liverpool. It followed that up with deals for Thomson Dickson Consulting in Glasgow and London-based 3HR Benefits Consultancy.

Now, Broadstone has completed its quartet of acquisitions, with the news it has closed a transaction for BBS Consultants and Actuaries. With around 130 staff, as well as access to state-of-the-art technology and some £5 billion of assets under advice, the acquisition of BBS reportedly represents both an ambitious and strategically important acquisition for Broadstone, effectively doubling the firm’s scale in the actuarial consulting, investment consulting and pensions administration space.

Commenting on the news, 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… 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.”

Founded in 1997, BBS has since established itself as a technology-led, highly respected specialist firm of workplace pensions consultants, actuaries, investment advisers and administrators. With some 250 clients, the company is a leading player in the South West and is focussed on providing high quality pensions solutions to both trustees and employers.

Paul Bowden, Managing Director at BBS, who will lead the enlarged group’s pensions administration business, remarked, “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.”