IFG pension scheme to be protected in potential acquisition

Private equity firm Epiris has confirmed that IFG Group pension scheme members will be safeguarded in the event of its acquisition of the financial services firm.

The IFG board has unanimously recommended that the group’s shareholders accept the cash offer of approximately £206m, or £1.93 per ordinary share, from Epiris.

In a recommended cash offer announcement, Epiris confirmed that “the existing and statutory employment rights, including in relation to pensions, of all IFG management and employees will be fully safeguarded in accordance with applicable law”.

Epiris added that it “does not intend to make any material change to the conditions of employment of the employees of IFG”.

SaintMichelCo Limited, a wholly owned indirect subsidiary of the Epiris Funds, will be the firm to acquire the entire issued and to be issued share capital of IFG.

The deal is conditional on agreement by IFG shareholders and regulatory approvals.

Commenting on the announcement, IFG CEO, Kathryn Purves said: “We are pleased to be announcing this transaction today and believe it is an excellent outcome for shareholders, for the company, and for our clients.

“The offer by Epiris represents a compelling opportunity for shareholders to realise an immediate and attractive cash value for their shareholding in IFG today.

“In addition, our employees and clients will benefit under the ownership of Epiris which should help accelerate the delivery of IFG's strategic objectives and the underlying strategies of James Hay and Saunderson House."

As of December 2018, IFG had £3,020m of assets, reported an adjusted operating profit of £12.4m and, on a statutory basis, a post-tax loss of £1m.

Investment platform and pensions administration services was provided by IFG’s subsidiary company James Hay, while Saunderson House delivered financial advice.

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