The Marwyn Acquisition Company II (MAC II) has announced that its subsidiary, MAC II UK Limited, has entered into binding agreements to acquire 100 per cent of the issued share capital of InvestAcc Group Limited for £41.5m.

This represents an enterprise value of approximately £36m on a cash-free debt-free basis, partly funded via an equity fundraising aimed at a select group of institutional investors.

MAC II will be renamed InvestAcc following completion of the acquisition, which is subject to the approval of the Financial Conduct Authority.

Given InvestAcc's positioning as a provider of self-invested personal pension (SIPP) and small self-administered scheme (SSAS) services in the UK, MAC II suggested that InvestAcc provides the "optimal strategic platform" to create value through a SIPP buy and build strategy.

It also highlighted the deal as the "first and key step" in executing its plan to build up a UK specialist pensions administration business in the public markets with an initial focus on the SIPP segment.

Commenting on the acquisition, MAC II chairman, Mark Hodges, said: “We have long admired InvestAcc Group, a leading UK personal pension administrator with a loyal and growing customer base.

“With a greater focus on savings, changing demographics and a growing reliance on the family, the pensions administration industry plays an important role in securing financial independence and security for customers over the long-term.

“Once completion occurs, we look forward to investing further in InvestAcc’s proposition and unlocking an ambitious mergers and acquisitions agenda to build the UK’s leading specialist pensions administrator”.

InvestAcc Group founder and managing director, Nick Gardner, added: “I am confident that by working closely with Mark, Will and the team, we will see InvestAcc continue to grow and bring our brilliant offering to more customers around the UK.

"We will benefit greatly from their expertise to take our business to the next level and I’m excited for what comes next.”

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