Independent Sipp and Ssas provider Curtis Banks has entered into two M&A agreements to acquire pension provider Talbot and Muir and fintech company Dunstan Thomas.
The total consideration for the two businesses is £52.75m ($66.5m, €58.1m), made up by £25.25m for Talbot and Muir and £27.5m for Dunstan Thomas.
Talks had begun before the outbreak of the pandemic, Curtis Banks said.
Talbot and Muir has around 75 staff across offices in Nottingham and Leeds and it administers over 7,000 pensions with assets under administration of around £3.4bn.
Dunstan Thomas provides business technology solutions for wealth managers, platforms and providers. It has already supplied Curtis Banks with the technology and support behind its secure portal.
Overall business expansion
Will Self, chief executive at Curtis Banks, said: “We continue to look for the right types of business to grow Curtis Banks in the right way.
“We identified Talbot and Muir as a good strategic fit and are pleased to have agreed terms to bring them into the Curtis Banks Group, further consolidating our market position as one of the largest UK providers of Sipps and Ssas.
“Technology is under-utilised in the independent Sipp market. We recently invested in a new digital platform, underpinning the launch of Your Future Sipp, and by also bringing Dunstan Thomas into our group we’ll gain direct access to great technology to benefit our customers as well as fulfilling our diversified growth strategy.”
Graham Muir, director at Talbot and Muir, said: “To continue to grow and develop the business, we felt the time was right to look for a partner that was a strategic fit and has the same values as we do.
“We have been considering a number of strategic opportunities and it became clear that Curtis Banks offered the ideal combination of safeguarding and providing opportunities for our valued staff, whilst retaining our Nottingham and Leeds presence and product range.”
Chris Read, chief executive at Dunstan Thomas, said: “We see this acquisition as a positive step for all of our clients. Over the years we have provided solutions to companies across the industry. Our product roadmaps have been crafted and developed with the cooperation and input from all of our users.”
