Aquiline Capital Partners LP, a private investment specialist in financial services and related technologies, has agreed to a majority investment in Isio Group Limited, one of the fastest growing pensions, reward and benefit and investment advisory businesses in the UK.
Since Isio was launched in 2020 it has undergone four successive years of double-digit organic growth and continues to gain market share. It has completed two acquisitions which expanded the company’s scale, geographical footprint, and range of services. Isio is now one of the UK’s largest retirement advisory businesses, with 1,200 employees and 10 offices across the UK.
Aquiline is well-established as an investor in the global retirement and wealth management services sectors. In the UK, Aquiline has invested in Smart Pension, the global pension software and solution provider, Wealth at Work, the provider of workplace financial education, guidance and advice and Landytech, the private markets investment management technology provider, among others. In addition, Aquiline has invested in Ascensus, the US’s largest provider of independent retirement and college savings services, Mirador, a tech-enabled middle office solution for private markets investors and SageView, a registered investment advisor serving retirement plan sponsors and individuals.
Aquiline’s investment will support Isio’s growth strategy of innovation by expanding its core services and growing adjacent practices, including rewards & benefits, investment advice and private capital. This will be achieved through a combination of targeted M&A to build additional service lines and advisory capabilities, and by attracting new talent to the business.
Aquiline is acquiring its majority shareholding from Exponent Private Equity LLP, who have backed Isio since its carve out. Isio’s management team will continue to retain a significant minority investment.
Igno van Waesberghe, Managing Partner at Aquiline, said: “We are delighted to be investing in Isio. It operates in sectors where we have extensive experience and deep networks.
“Isio is a business we have admired and got to know well, not simply as an investment, but first as our advisor and then our partner. We have been particularly impressed by the depth of their expertise in creating better outcomes for clients. It has delivered impressive organic growth and successful expansion through strategic M&A. We look forward to working with Isio’s management team to continue to develop their offering, diversify the business, and support them in further accelerating growth.”
Andrew Coles, Isio’s CEO, said: “This new investment from Aquiline will enable us to continue the journey of bringing high quality service and better outcomes to our clients. Key to this is having a culture that appeals to the best talent in the sector with long-term, high quality career opportunities. I am personally excited about the future and look forward to continuing to lead Isio in its next phase of evolution and growth.”
The transaction is subject to standard regulatory approvals.
Aquiline were advised by RBC Capital Markets and Herbert Smith Freehills LLP. Exponent and Isio were advised by Evercore (financial adviser) and Macfarlanes (legal adviser). Isio’s management were also advised by Liberty Corporate Finance and Proskauer.
About Aquiline Capital Partners LP
Aquiline Capital Partners LP is a private investment firm based in New York, London, Philadelphia, and Greenwich, Connecticut, that is dedicated to financial services and related technologies. The Firm has approximately $10.4 billion in assets under management as of March 31, 2024.
For more information about Aquiline, its investment professionals, and its portfolio companies, visit www.aquiline.com
About Isio
Isio is a leading independent UK provider of actuarial & consulting, pensions administration, investment advisory, employee reward & benefits and wealth advisory services. With a national team of 1,200 people across ten UK offices, Isio is committed to promoting financial wellbeing for all and works with companies, trustees and individuals to help them make informed decisions to protect their financial future.
For more information about Isio, please visit www.isio.com
About Exponent
Established in 2004 with a presence in London, Dublin and Amsterdam, Exponent is a leading private equity firm. The Firm invests in mid-market companies headquartered across Europe (UK, Ireland, Benelux and Nordics). Exponent has a distinctive approach, central to which is identifying the potential in corporate, family or founder owned businesses.
Exponent has raised more than €3 billion to date. A selection of Exponent’s current and past investments include market leading businesses such as Trainline, Moonpig, Ambassador Theatre Group, H&MV, Xeinadin and Quorn Foods.
Exponent has been investing in corporate carve out deals since its inception, with the acquisition of TES from News Corporation in 2005. In recent years the Firm has acquired Enva from DCC plc in 2017, SHL from Gartner, Inc. in 2018, Gü from Noble Foods in 2021 and most recently, in 2023, Natara from International Flavors and Fragrances, Inc.
