Private equity firm Lovell Minnick Partners has signed a definitive agreement to make a strategic growth investment in Broadstone.
In a statement Lovell Minnick Partners revealed its investment will enable Broadstone to further broaden and deepen its offerings to current and prospective clients.
It added that going forward, the Broadstone management team will continue to own a significant stake in the business and maintain leadership of the company.
Broadstone’s specialist services include employee benefits consulting, pensions administration and actuarial services, investment consulting, insurance consulting, credit risk services, financial modelling, data analytics services, and redress support.
It has a team of 650 professionals, including more than 85 actuaries, across 10 offices in the UK.
Roumi Zlateva, principal at LMP, said: “LMP was drawn to Broadstone for a multitude of reasons ranging from its client-centric approach, to its track record of organic growth, and of course, our strategic alignment and excitement for the next chapter of its development.
“Broadstone has built a differentiated position in the market enabled by a highly capable and talented team, and we look forward to providing capital, guidance and resources to continue that effort of scaling the business and positioning it for future success.”
Tony Gusmao, CEO of Broadstone, (pictured) said: “For more than four decades, Broadstone has upheld an intense focus on our clients, ensuring that we have the best team and technology in place to deliver best-in-class services across the UK.
“As we look to the future, LMP’s investment coupled with the firm’s deep experience helping professional services firms scale will allow us to accelerate growth and expansion of our offerings – particularly in our newly-formed insurance, regulatory and risk unit – that will assert our position as a leader in the insurance actuarial consultancy space.”
Spencer Hoffman, partner at LMP, added: “There is a growing need for specialist advice and consulting services across the employee benefits, pension, credit and insurance industries, and the market demands a client-centric approach that offers accessibility, accuracy, and regulatory compliance.
“Broadstone’s capable management team and deep bench of actuaries, consultants and administrators exude a culture of excellence.
“We’re looking forward to collaborating with this strong team to continue expanding its offerings to meet the evolving needs of customers.”
