IFG buys two Irish pension firms for € 13.6m
07 Oct 2008
Source: The Examiner
By Geoff Percival
Financial Services Group IFG has strengthened its Irish-based pensions and investments division by acquiring two companies for almost € 13.6 million.
The Dublin-based group has bought pensions administration and consultancy services firm Pensco, in which Co Kerry-based group, Fexco was the majority shareholder, for up to €7m. This is made up of an initial consideration of just over €4m and a deferred potential payment of €3m.
The other purchase is Dublin-based corporate pensions firm which trades under the name PSL Consulting. IFG is paying up to €3m in total and an initial payment of €1.8m.
It hopes the two companies will boost profits by €700,000 next year.
This move is hardly a surprise as IFG said in June that it was continuing to seek acquisition opportunities with its Irish operations likely to be boosted.
IFG had just made the biggest purchase of its history with the €25m takeover of Cyprus-based Excel-Serve Management.
“With these acquisitions, we are expanding our presence in the Irish pensions market and are executing our group-wide strategy — building assets under advice and administration. We have firmly established ourselves as leading pension providers in Ireland,” said IFG chief executive Mark Bourke.
All News