Zeus acts for pensions firm in £190m main market listing
Manchester-based boutique investment bank Zeus Capital has acted as financial adviser, broker and sole bookrunner to Xafinity on its £190m main market initial public offering (IPO) and £180m institutional fundraise.
Xafinity is a pensions actuarial, consulting and administration business, providing advisory and compliance services to more than 550 pension scheme clients.
Founded in the 1970s following the formation of Hogg Robinson Benefit Consultants, the business has more than 400 employees across its offices in Reading, Leeds, Stirling, Belfast, London and Manchester.
The business reported revenues of £51.8m and adjusted EBITDA of £16.7m for the year ended March 2016.
The deal marks a full exit for the private equity house CBPE Capital, which acquired the business in September 2013, while the business expects to reduce its existing debt from £86m to £33m.
John Goold, chief executive at Zeus Capital, who led the deal, said: “Xafinity stands out as a business with high quality earnings and a tremendous management team in a sector set for structural growth.”