Towergate Health & Protection has acquired Benefiz Limited for an undisclosed sum.
Benefiz launched to help smaller employers offer benefits to employees that are normally only available to larger firms. Its team review, design, source and implement a range of benefits managed online via one of their flex platforms.
The employee benefits consultancy’s advice, brokerage and technology services includes a team dedicated to health and protection.
Benefiz will operate as part of whole-of-market adviser Towergate Health & Protection. Towergate confirmed all of the Benefiz team is being retained post acquisition.
It added this acquisition will enable it to widen its range of services to include pensions benefits support.
Health & Protection asked Towergate for more details on the business case for the acquisition, whether the Benefiz name and brand was being retained, and the sum Towergate paid, but was told it was unable to answer these additional questions.
Iain Laws, CEO of Towergate Health & Protection, said: “Benefiz is a strategic addition to our business which will contribute to our ongoing growth through the addition of benefits technology platforms and pension administration capabilities.
“This will help us meet growing demand from larger businesses for a holistic approach to employee benefits and marks our evolution into a comprehensive employee benefits adviser.
“We look forward to working with Tim and his team in this exciting next chapter in our ongoing development.”
Tim Gillingham, founder and CEO at Benefiz, said: “Joining Towergate Health & Protection and the broader Ardonagh Group will help support our continued growth by allowing us to cover more services to existing Towergate clients meeting the growing demand from clients for a single advisory firm managing all their benefits.
“In looking for the right owner for Benefiz, opportunities for our team, and the commitment to support our continued growth were paramount. In Towergate Health & Protection we’ve found both. We’re thrilled to be joining forces.”
