Exponent close to buying KPMG pensions advisory business – report

The report stated that the business could be sold for more than £200m, though previous reports suggested the enterprise value of the business would be £120m.

KPMG first announced the possibility of selling the business in June 2019. Inflexion Private Equity-backed Lane Clark & Peacock reportedly put in an offer for the company in August with several other trade and financial bidders interested in the process, according to the report.

In November 2018, KPMG announced it would no longer provide consultancy work for its audit clients following the launch of a probe by the Competition and Markets Authority into the audit sector.

Exponent registered its fourth fund in July 2017 and was expected to hold a first close on £700m in March 2018, according to Unquote Data. Exponent Private Equity Partners III, which closed on £1bn in 2015, is now fully deployed.

The pensions advisory division of KPMG, which advises on pension assets of more than £50bn, employs around 20 partners working in the UK with around 450 staff in total, according to the report. The combined revenues of the tax, pensions and legal advisory team were £546m for 2018.

Exponent declined to comment, while KPMG had not yet responded to a request for comment at the time of publication.

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• Topics
• Buyouts
• UK / Ireland
• Financials
• KPMG
• Exponent Private Equity
• Carve-out
• Inflexion Private Equity