XPS Pensions Group has bought self-invested personal pension provider Michael J Field Consulting Actuaries in a deal worth almost £4m.
The deal will see XPS pay £3.75m, comprising of £2.25m upon completion and £1.5m when certain conditions are met.
The acquisition is expected to complete in 2022.
Michael J Field Consulting Actuaries is a Sipp and small self-administered scheme (Ssas) provider based in Manchester.
According to XPS, MJFCA will allow it to reach out to a wider range of clients and financial advisers.
Paul Cuff, XPS Pensions Group Co-CEO, said: "We're hugely excited to welcome the fantastic team from Michael J Field to join our growing business.
“Their expertise complements our strong and growing self invested pensions business and will enable us to bring our offering of high-quality, tailored, great value Ssas’s and Sipps to even more clients and financial advisers."
MJFCA had revenues of £1.9m in the 12 months to 31 March 2021.
According to XPS, MJFCA’s client bank is similar to XPS’s existing Sipp business which has a focus on commercial property and “true self investment”.
In a statement XPS said: “Its staff are experienced and technically knowledgeable, and this presents a two-way opportunity for support and synergy with the existing business. It is a valuable acquisition of a profitable and cash generative business, building our self invested pensions business to deliver further scale economies and benefits for clients.”
Back in March, Xafinity Sipp and Ssas, part of the XPS Pensions Group, rebranded to XPS Self Invested Pensions.
XPS Pensions Group was created three years ago, after Xafinity acquired the actuarial and administration divisions of Punter Southall, which subsequently became XPS.
amy.austin@ft.com
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