Xafinity, has announced its intention to acquire from Punter Southall Group its actuarial consulting, pensions administration and investment consulting businesses Target Group for £153m.
The Target Group comprises three businesses. The Actuarial Consulting Business, which provides actuarial advice to the trustees or employer sponsors of approximately 425 UK occupational pension schemes.
The Pensions Administration Business, which administers pensions for approximately 380,000 scheme members belonging to more than 200 UK occupational pension schemes.
And thirdly, the Investment Consulting Business. which provides specialist consulting services, including investment strategy, risk management and investment governance, to the trustees or employer sponsors of over 115 UK occupational pension schemes.
The Target Group reported revenue for the year ended 31 December 2016 of approximately £51m and Adjusted EBITDA of approximately £11m.