Marwyn Acquisition Company II (MAC II) has agreed a deal to acquire pensions services provider, InvestAcc Group.

The deal, for £41.5m, represents an enterprise value of approximately £36m on a cash-free debt-free basis, partly funded via an equity fundraising aimed at a select group of institutional investors.

MAC II was founded by Marwyn and Mark Hodges, and Marwyn has a long track record of building UK public companies having launched 12 previous acquisition companies including BCA Marketplace, Breedon Aggregates and Entertainment One, and more recently Advanced AdvT and Zegona Communications.

InvestAcc is a provider of self-invested personal pension (SIPP) and small self-administered scheme (SSAS) services in the UK. MAC II suggested that InvestAcc provides the “optimal strategic platform” to create value through a SIPP buy-and-build strategy.

MAC II chairman, Mark Hodges, commented: “We have long admired InvestAcc, a leading UK personal pension administrator with a loyal and growing customer base. With a greater focus on savings, changing demographics and a growing reliance on the family, the pensions administration industry plays an important role in securing financial independence and security for customers over the long-term.

“Once completion occurs, we look forward to investing further in InvestAcc’s proposition and unlocking an ambitious M&A agenda to build the UK’s leading specialist pensions administrator.”

CEO of MAC II, Will Self, said: “We understand the market well and are confident InvestAcc is the perfect business on which to base our buy-and-build strategy. Our ambition is to bring its leading customer proposition to more people across the UK as the self-invested pensions market expands.”

InvestAcc founder and managing director, Nick Gardner, added: “I am confident that by working closely with Mark, Will and the team, we will see InvestAcc continue to grow and bring our brilliant offering to more customers around the UK. We will benefit greatly from their expertise to take our business to the next level and I’m excited for what comes next.”

---