The Foster Denovo Group has agreed to acquire Punter Southall Aspire’s employee benefits business, combining under Foster Denovo’s employee benefits division, Secondsight.
The deal will mean the team doubles in size and deepens its national coverage to include Edinburgh, Yorkshire and the South West.
This is in addition to its existing coverage in London, Surrey, and the rest of the South East.
Foster Denovo CEO, Roger Brosch, said: “This deal brings together two corporate advisers with hugely impressive track records in walking the talk when it comes to being client focused.
“Both are firms able to serve employers while also engaging in a meaningful way with employees. Combined, they are a corporate adviser powerhouse."
Brosch added that he is “confident and excited” about how well Punter Southall Aspire will fit into Secondsight, and the wider Foster Denovo Group.
The deal, which was signed on November 16, is set to complete by the end of the year and means 56 Punter Southall staff, led by current managing director David Taylor, will bring their experience to Secondsight.
The announcement also detailed similarities between the businesses, with both sharing “scale, core values”, and are aligned on “proposition and service”.
Punter Southall Aspire CEO, Steven Butler, said that the employee benefits consultancy has reached the point where the clients and employees will benefit from a larger organisation which "reflects our commercial momentum and shares our cultural values".
Therefore, the deal not only doubles the size of the combined employee benefits business but also means existing and new clients can access an even greater depth of expertise and experience.
This will, according to Butler, give their workforce the “right support” to remain committed, productive and energised.
tom.dunstan@ft.com
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