Broadstone gets new PE owner
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A US private equity firm has signed a definitive agreement to invest in Broadstone. The pension consultancy's management team will continue to own a stake in the business and maintain leadership of the company.
Set up within BDO Stoy Hayward in 1989, Broadstone was bought by Oakley Capital in 2010 and then Livingbridge in 2016, which sold it to alternatives manager ICG in 2021.
Now, Lovell Minnick Partners is making a strategic investment. LMP said the investment will enable Broadstone to “further broaden and deepen” its offerings to current and prospective clients. The administration, actuarial and employee benefits firm currently employs 650 consultants and administrators, including more than 85 actuaries, across 10 offices in the UK.
“LMP was drawn to Broadstone for a multitude of reasons ranging from its client-centric approach, to its track record of organic growth, and of course, our strategic alignment and excitement for the next chapter of its development,” said Roumi Zlateva, principal at LMP.
Broadstone’s chief executive Tony Gusmao said: “As we look to the future, LMP’s investment, coupled with the firm’s deep experience helping professional services firms scale, will allow us to accelerate growth and expansion of our offerings – particularly in our newly formed Insurance, Regulatory & Risk unit – that will assert our position as a leader in the insurance actuarial consultancy space.”
The deal is expected to close in the second quarter of 2025, subject to regulatory approval. The purchase price was not disclosed.
Private equity firm LMP has been in the market for 25 years and focusses on mid-market financial services firms. Since inception, it has raised over $5bn (£4bn).
The UK pensions market has seen a growing number of private equity investments. In the middle of last year, Aquiline took a majority stake in consulting firm Isio, buying it from Exponent Private Equity, which had financed the partners’ spin-out from KPMG. In October 2024, private equity firm LDC said it has sold its holding in trustee firm Independent Governance Group to ECI Partners. Meanwhile, Corsair Capital is the majority owner of trustee and financial services firm Zedra.
How does being bought and sold impact the day-to-day business of pension firms?
