Intermediate Capital Group (IGC) has agreed to acquire Broadstone, an independent provider of specialist pensions, trustee and employee benefits solutions, from Livingbridge.

Mid-market private investor, Livingbridge, originally made its investment in Broadstone in 2016 through the Livingbridge 5 fund.

Broadstone was founded within BDO Stoy Hayward in 1989 and offers coordinated, end-to-end pensions, trustee, and employee benefits solutions to SMEs and large corporates.

Following its investment, Livingbridge executed a ‘buy and build strategy’, which included the acquisitions of Mitchell Consulting and 20-20 Trustees in 2017, followed by CS Financial Services, Thomson Dickson Consulting, BBS Consultants and Actuaries, 3HR Benefits Consultancy in 2019, and Steve Southern Trustees in 2020.

It had recruited Tony Solway as chair, Grant Stobart as CEO and Nick Jones as CFO, and invested “significantly” in Broadstone’s technology infrastructure.

The principal advisers for Livingbridge on the deal included Deloitte Corporate Finance and Debt Advisory, LEK on commercial diligence, Deloitte on financial diligence, and Eversheds on legal.

“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,” commented Livingbridge partner, Xavier Woodward. 

“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.”

Broadstone CEO, Grant Stobart, added: “It has been a pleasure to work with the Livingbridge team over this period, during which we have built a business of scale with a strong industry profile, and a reputation for outstanding customer service. 

“We look forward to a bright future with ICG as we continue the development of Broadstone and 20-20 Trustees during the next stage of their growth.”

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