US private equity firm takes majority stake in Thomsons Online Benefits
US Private equity firm ABRY Partners has taken a majority stake in Thomsons Online Benefits.
The employee benefits firm says ABRY will make “substantial funds” available to allow the company to make acquisitions and increase its presence in the UK. It says the investment values the company at close to £100m.
ABRY replaces existing investors Pi Capital and Westminster Growth Capital.
Thomsons Online Benefits chief executive Michael Whitfield says: “We conducted a robust selection process with multiple bidders from the UK, Europe and US, and ABRY Partners emerged as the clear winner.
“Part of the investment will go into strengthening and developing our UK workforce. This will help us to support more UK businesses and their employees as they face major pension regulation changes.”