In July 2002 Graphite Capital led the management buy-out of PIFC, a pensions and employee benefits consultancy. The deal enabled a young and dynamic management team to take the business forward in its next stage, with the owner-manager stepping back and remaining as a non-executive Director and minority shareholder.
The market for pensions and financial advice was in a state of transition. The trend towards Defined Contribution pension schemes on which PIFC focused was accelerating. Technology and regulations were changing how clients were charged and communicated with. Under new leadership, PIFC aimed to take advantage of these opportunities.
KEY BUSINESS ACHIEVEMENTS
Significantly increased its base of recurring revenues
Developed and broadened its service offering
Changed from a commission based model to charging fees for advice
Achieved a generational change in senior management
EBITDA MULTIPLE ON EXIT
In 2007 PIFC was sold to Axa UK.