A pensions and investment group that employs 131 staff at offices in London, Sheffield and Falkirk has been acquired by Livingbridge.

The private equity firm has bought Broadstone Corporate Benefits and Broadstone Risk & Healthcare from Oakley Capital Private Equity.

Broadstone provides pensions, employee benefits, actuarial and investment services advice to small and medium-sized employers, pension scheme trustees and individual pension scheme members.

The deal with Livingbridge will help Broadstone build scale through its stated growth strategy, specifically through mergers and acquisitions, and further enable the firm to broaden its offering and capabilities.

Mark Howlett, chief executive of Broadstone, said the company is looking forward to working with Livingbridge.

He said: "Our new partnership with Livingbridge signals the start of what I know will be a successful long term relationship and allow Broadstone to continue on its current growth trajectory.

"Our immediate plans are to focus on identifying the most suitable partners to build on this growth, which in turn will help us achieve our future goal of becoming one of the leading employee benefit consultants for the mid-market arena."

Originally created by a tax partner at BDO Stoy Hayward in 1989, Broadstone was acquired by Oakley in 2010.

Xavier Woodward, investment director at Livingbridge, said: "We are excited about the opportunity to work with Mark and the rest of Broadstone's management team in building a leading force in the employee benefits space.

"We look forward to helping the business achieve organic growth and supporting it in making acquisitions."

Fenchurch Advisory Partners advised Oakley on the transaction, while Hines Associates Limited advised Livingbridge.

First published 06.05.2016

Lindsay.sharman@wilmingtonplc.com