Investee Company – PIFC Group (UK)
Investee Company Business Type – Independent pensions and employee benefits consultancy
Type of Financing – Development
Equity Providers – Graphite Capital
Equity Leader (Individual) – Simon ffitch, partner, Graphite Capital
Debt Providers – N/A
Debt Type – N/A
Debt Leader (Individual) – N/A
Equity Amount – £17 million
Total Deal Value – £17 million
Other Advisors – CIL (Ernst & Young), CMS Cameron McKenna, KPMG, Marsh Ltd, Mazars Neville Russell, Olswang and PricewaterhouseCoopers
Comments – Graphite Enterprise Trust PLC, a fund managed by Graphite Capital, and various limited partners have invested £17 million in the PIFC Group, a leading UK independent pensions and employee benefits consultancies. Following this deal, which includes both development and replacement capital funding, Graphite Capital holds a majority stake in PIFC.
Established in 1983, PIFC is now one of the UK’s largest employee benefits consultants with offices in London, Glasgow and Exeter. The company which offers employee benefits, financial planning and pension advisory services to major corporations, SME’s and high net worth individuals, has grown predominantly through referral from existing clients. Clients come from both the manufacturing and service sectors, but with an emphasis on City-based financial and other professional service companies; telecom & IT; far eastern companies; leisure industry and biotechnology.
The £17 million investment provides PIFC’s existing management team with the committed support and resources to pursue further growth in a dynamic and rapidly changing sector.
Terry Bennett, chairman of PIFC, said: “This investment by Graphite Capital comes at an ideal time for the business and our entire team is excited about the challenges and opportunities ahead.”
Simon ffitch, partner at Graphite Capital, commented: “PIFC has a track record of revenue and profit growth. Having originally invested to acquire a minority stake in the business in 1998, we are delighted now to be backing the management team to take the company through its next phase of development. The combination of the financial resources which Graphite Capital brings to the company and the management team’s experience and vision provides a strong foundation from which to pursue this.”