2 July 2024, LONDON – Exponent, a leading European private equity firm, today announced that it has reached an agreement to realise its investment in Isio, the leading independent UK pensions advisory business, to Aquiline Capital Partner LP (“Aquiline”), a private investment specialist in financial services and related technologies.

Isio is one of the fastest growing pensions, reward and benefits and investment advisory businesses in the UK. Its clients range across companies, trustees and individuals helping them make informed decisions to protect financial futures.

Isio has launched in 2020 through the acquisition of KPMG LLP’s pensions advisory practice, underscoring Exponent’s experience in investing in professional services businesses and specialist expertise in corporate carve-outs. Exponent partnered with the incumbent partner group led by CEO Andrew Coles and introduced Roger Siddle as its Chair.

Under Exponent’s investment, Isio has experienced strong growth both organically and through strategic acquisitions. In January 2023, Isio acquired Deloitte LLP’s UK pensions advisory business, enhancing its scale and bringing complementary capabilities in the reward and benefits sector. Additionally, the acquisition of Premier Pensions Management in January 2022 strengthened Isio’s core pensions business and facilitated the launch of new services, including expanded employee benefits advice and a wealth management offering.

Between 2020 and 2024, Isio more than doubled its revenue, profit and headcount, and now employs 1,200 people from its 10 offices across the UK.

Tim Easingwood, Partner at Exponent, said: “Isio’s journey, from the original carve out and stand up of the independent business in 2020, to the powerful advisory business of scale today, has been hugely gratifying to be part of. During our investment, Andrew and the management team have created a market-leading proposition centred on exceptional client service and an entrepreneurial approach, resulting in strong growth and an exciting outlook. We are confident that Isio will continue to thrive with Aquiline’s investment and keep delivering on its ambitious goals. We wish the whole Isio team every success in the next stage of the business’ exciting journey.”

Andrew Coles, Chief Executive of Isio, commented: “We have had an exceptional four years working in close partnership with Exponent from the carve out and set up phase and to then support us and to grow our business, creating opportunities for our people and clients. We are grateful for their belief and support which has enabled our success today.  Our clients and our people have responded well to Isio bringing a bold and innovative approach to the market with a willingness to do things differently.

“This new investment from Aquiline will enable us to continue the journey of bringing high quality service and better outcomes to our clients.”