PwC Lead Advisory team advises ECI Partners on its acquisition of Independent Governance Group
The PwC Lead Advisory team is pleased to announce the completion of Project Green – the acquisition of Independent Governance Group (IGG) by ECI Partners (ECI) from Lloyds Development Capital (LDC).
IGG is the UK’s leading provider of professional pensions trusteeship and governance services, providing professional services to 386 pension schemes with total scheme assets of £324bn. The transaction represents a successful initial exit for LDC, which has backed IGG since 2020 and will be reinvesting alongside ECI to support the continued growth of the business.
IGG provides independent professional trusteeship, scheme secretarial, pensions managerial and governance services to occupational pension schemes. It was founded in February 2023 following the merger of Ross Trustees and Independent Trustee Services (ITS). The business currently employs more than 200 people, following significant investment being made in its people, technology and the completion of five complementary acquisitions.
Under LDC ownership, IGG has demonstrated a track record of growth, successful integration of acquisitions, and regional expansion. ECI is well-placed to support IGG on continuing this growth journey and building on its existing platform for future organic and inorganic growth.
PwC acted as lead financial advisor to ECI, providing Corporate Finance and Commercial Due Diligence services.
The team advising on the deal was co-led by Jeremy Sweetnam and Malcolm Wren, with support from Iffy Hussein, Ben Francis, Sahil Dhanani, Lauren Neilson, and Phillip Burgess.
The Commercial Due Diligence team comprised Neil Hampson, Andrew Macnab, Gearóid Gibbs, and David Wilson.
Jeremy Sweetnam, Partner at PwC, said:
“We are delighted to have advised ECI on this landmark transaction. IGG has established itself as a market leader with a strong track record of growth and successful integration of targeted acquisitions. With ECI's backing, IGG is well-positioned to continue its impressive growth trajectory.”
Michael Butler, Partner at ECI, said:
“We were attracted by IGG’s fantastic track record of delivering award-winning pension services with excellent client retention, delivered by a highly skilled team. With growing demand for trustee and governance services as the pension regulatory environment continues to grow in complexity, IGG is well placed to continue its growth trajectory. PwC provided invaluable insights as lead advisor throughout this transaction, leveraging their sector expertise to guide us through the transaction and providing end-to-end support to deliver a successful deal completion. We are delighted with the outcome.”
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