Barnett Waddingham is to be acquired by insurance and employee benefits intermediary group, Howden.
The "landmark" acquisition will see Howden provided with high-quality pension and related advice capabilities and will double the firm's employee benefits business in terms of employees – to around 4,000 experts delivering combined revenue of around £500m globally.
The combined business will offer a full range of employee benefits and pensions advisory services to corporate clients ranging from multi-national corporations to small-and medium-sized enterprises in both the private and public sectors.
The deal makes Barnett Waddingham the biggest independent pensions provider in the UK.
Barnett Waddingham senior partner Andrew Vaughan said: "We're really excited to join Howden because of its commitment to the UK market, and its unique culture. Being part of Howden also strengthens our ability to deliver even greater value to our risk, pensions, investment, and insurance clients through enhanced solutions, including our tech-enabled capabilities, and access to global expertise.
"As we reflect on 35 years of continuous growth and development at Barnett Waddingham, we are proud of the heritage and principles that have made us who we are - people-centricity, partnering with clients and the delivery of high-quality services. As we join Howden, we look forward to combining our strengths to build something even greater together."
Howden chief executive (CEO) David Howden added: "In our journey to build a global broker we recognise the need to create a world-class employee benefits business for our clients. As we always do, we have waited for the right partner to expand our capabilities, with experts who are entrepreneurial and culturally aligned, and with whom we can do more together. Barnett Waddingham's people have this in abundance.
"Together, we will take a leading position in our home markets of the UK and Ireland in employee benefits as well as in insurance broking. In the UK, there will be over 10,000 of us in our wider business, across more than 200 offices. We're serving millions of individuals, businesses and organisations, including over two thirds of the FTSE 100, bringing the same unique energy and approach to all our clients.
"Under Glenn Thomas' leadership since 2018, our employee benefits division has delivered a remarkable 52% compound annual growth rate. Expanding our pensions advisory and administration capability is crucial to our long-term, global growth plans, and Barnett Waddingham provides a fantastic platform to build our capability for clients around the world. Critically, Barnett Waddingham's working partners will reinvest significantly into Howden, underlining their commitment to a long-term future with us, and delivering extraordinary alignment for our future ambitions."
Howden CEO, UK health and employee benefits and global practice leader Glenn Thomas commented: "In the global war for talent, companies distinguish themselves with outstanding employee benefits. Barnett Waddingham's extensive pensions expertise, together with Howden's market leading presence in the health and employee benefits market, creates a full-service proposition and one of the largest pensions and employee benefits consultancies in the UK, with one of the most extensive global footprints in the market.
"The combination brings together two leading businesses with an exceptional cultural fit, and the acquisition reflects Howden's deep commitment to investing in its employee benefits advisory capabilities."
