A member of listed financial services group Alexander Forbes, Lane Clark & Peacock LLP, has acquired Libera AG, Switzerland’s largest independent employee benefits consulting business, from Ernst & Young for a consideration of approximately 20-million Swiss francs (R98-million).
LCP is Alexander Forbes’s independent actuarial consulting business in the United Kingdom.
Announcing the acquisition on Monday, Alexander Forbes CEO Rael Gordon said that the formation of LCP Libera marks a further step in LCP’s strategic plan to develop an actuarial consulting capability serving European countries with developed, funded pension systems.
The acquisition is to be financed largely from local borrowings and from internal cash resources. Libera produced turnover of 18,5-million Swiss francs (R92-million) in the year to June 30 2004.
“This deal gives us a leading position in the Swiss actuarial consulting market and marks an important step forward in our strategic plans to build an effective European actuarial consulting business,” commented Gordon.
“We anticipate that this market sector will become increasingly important as businesses seek solutions to long-term pension-funding issues.
“LCP Libera complements LCP Belgium, which was acquired by Alexander Forbes through Lane Clark & Peacock in February 2004. Together, these acquisitions will provide Lane Clark & Peacock with a springboard for further expansion.
“LCP Libera enjoys a strong position in the Swiss market and benefits from an excellent client list. There are opportunities for cross-referral of clients and also for cross-selling of new products and services to existing clients in the different territories. We have every expectation that it will maintain and develop its strong market position and healthy profitability within the Alexander Forbes Group.” — I-Net Bridge