On 28th January, Advent International acquired Xafinity, one of the UK’s leading specialist providers of pension, employee benefits and payments solutions.
The group provides consulting, software, resourcing, training and business process outsourcing services that enable public and private sector organisations to deliver employee benefits more efficiently. Xafinity employs over 1,400 people in 12 locations across the UK serving around 1,100 public sector entities and companies, covering 2.1 million pensioners. For 2009, the group’s income was £136 million.
The sector is attractive as a result of higher life expectancy (88 years by 2020), the rising number of pensioners and an increased tendency to outsource to third parties. New government pension initiatives, changes to regulations and an increased focus on the reduction of pension deficits are key growth drivers for Xafinity’s markets.
In addition to continuing the operational improvements that Chief Executive Tim Robinson and his team have implemented, Advent will support additional growth initiatives, including add-on acquisitions.