Howden has confirmed it has acquired advice firm Benefits Advisory Services (BAS) for an undisclosed sum.
While Howden would not disclose the amount it paid for BAS, it did reveal BAS will continue to operate as a separate entity.
Though David Middleton has stepped down as managing director, all of BAS’s senior management team is being retained, with the entire team joining Howden.
No redundencies
Howden described the acquisition as a “growth play” and was not about cutting costs. It said there would be no redundancies.
It added the acquisition added scale to Howden’s employee benefits (EB) business as the firm now employs more than 4,000 people in 39 countries.
It said the deal was “highly complementary”, giving BAS access to Howden’s international scale and wider capabilities, and providing Howden with broader capability and expertise to service multinational clients.
‘Highly complementary business’
Lewis Mosley, founder and director, Benefits Advisory Services, said: “BAS and Howden are highly complementary businesses, and this combination gives us access to Howden’s international scale and wider capabilities, bolstering our international expertise.”
Cheryl Brennan, managing director at Howden Employee Benefits and Wellbeing, (pictured) said: “The acquisition of BAS is a significant development in the growth of our business, and with our combined capabilities, Howden will be positioned to better serve multinational clients.”
Glenn Thomas, CEO, UK health and employee benefits and global practice leader at Howden, said: “The BAS team is very well known to us, and we have enjoyed watching BAS’s growth over the years.
“This combination brings together two businesses with a strong cultural fit, and reflects Howden’s ongoing strategy to invest in its employee benefits advisory capabilities.”
