Cushon acquires WPT master trust

Cushon has acquired Construction First Limited, scheme sponsor of the Workers Pension Trust (WPT), an auto-enrolment master trust in Northern Ireland that supports over 5,000 employers and around 110,000 employees, with investments totalling more than £330m.

The acquisition was made possible thanks to a now closed overall funding round of £26m, which included a £6m equity raise lead by Augmentum Fintech, and a further £20m in credit facility committed from AshGrove Capital.

Cushon previously acquired the Salvus Master trust in 2020 for an undisclosed sum, with this latest deal bringing the provider’s overall assets under management to £740m and total members to over 200,000.

Commenting on the news, Cushon CEO, Ben Pollard, said: “Following our entry into the pensions market last year, and launch of the world’s first net-zero pension, we’ve been keen to bring our unique technology-led proposition to as many employees as we can, as quickly as we can.

“This raise has the right balance of lending and equity to enable us to do just that. We are delighted to welcome the team at WPT to our expanding family and to have the support of such experienced investors to help us continue on our journey.”

Construction First Limited managing director, Declan McErlean, added: “We are delighted to be joining the Cushon Group. Workers Pension Trust employers and members alike will benefit from the investment, technology, and innovation that Cushon brings to workplace savings.

“Cushon is a natural fit for our members and employers. We believe this acquisition will allow us to enhance the employer experience and improve member outcomes.”

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