LONDON, UK: Marwyn Acquisition Company II Limited (MAC II) subsidiary, MAC II UK Limited, has entered into binding agreements to acquire 100 per cent of the issued share capital of InvestAcc Group Limited, a leading pensions services provider for £41.5 million, representing an enterprise value of approximately £36 million on a cash-free debt-free basis.
The acquisition is to be funded via an institutional placing and subscription. On completion, MAC II is to be renamed InvestAcc Group Limited.
MAC II was founded by Marwyn and Mark Hodges. Marwyn has a long track record of building UK public companies and creating industry leaders, having launched 12 comparable acquisition vehicles that have undertaken ambitious buy-and-build agendas across sectors including, Advanced Computer Software, BCA Marketplace, Breedon Aggregates and Entertainment One.
MAC II’s strategy is to build the UK’s leading specialist pensions administration business in the public markets with an initial focus on the SIPP segment, a highly attractive investment opportunity. InvestAcc is the first and key step in executing this strategy.
InvestAcc Group is an award-winning provider of self-invested personal pension (SIPP) and small self-administered scheme (SSAS) services in the UK.
MAC II believes that InvestAcc provides the optimal strategic platform to create value through a SIPP buy and build strategy. The business benefits from being a leading UK personal pension administrator, having a proven track record of delivering exceptional customer service, scalable operations and infrastructure, a strong financial profile and a sustainable organic growth trajectory. All of the management team, including the founder, are expected to stay with the business post completion.
MAC II Chairman Mark Hodges commented: “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. We look forward to investing further in InvestAcc’s proposition and unlocking an ambitious M&A agenda to build the UK’s leading specialist pensions administrator”.