Houlihan Lokey Advises Exponent Private Equity LLP

Houlihan Lokey is pleased to announce that Exponent Private Equity LLP (Exponent) has acquired Isio, KPMG's former UK pensions advisory practice. The transaction closed on 2 March 2020.

Established in 2004, Exponent is one of the UK's leading private equity firms, investing in companies with enterprise values between £100 million and £400 million. Isio is the third investment from Exponent's fourth fund. The company seeks to identify untapped potential and navigate complexity to unlock growth for its portfolio companies and investors. Exponent has a strong track record in carve-outs from a wide range of owners, including private and public corporates and quasi-government parents such as BBC Worldwide, Gartner, ScottsMiracle-Gro, Alere, Virgin, and DCC. A selection of Exponent's investments includes Quorn, Photobox Group, Big Bus Tours, Ambassador Theatre Group, and Trainline.

Isio is a leading UK pensions advisory firm that combines actuarial expertise, third-party administration, investment consulting, and defined contribution specialisms to deliver better outcomes for pension scheme sponsors, trustees, and members. Isio advises more than 1,000 clients—ranging from mid-sized companies to FTSE 100s—on the management of pension assets worth more than £90 billion.

Regulatory change and market conditions in the UK are leading to increased demand for high-quality, outcome-focused independent professional counsel. Isio satisfies this demand through clear bespoke pensions advice and opinion delivered via dedicated expert teams, who are empowered by proprietary technology and research.

Isio's senior leadership comprises 20 partners who formerly led the pensions practice at KPMG. Moving with them are 500 staff located across eight regional hubs, with Andrew Coles appointed CEO. Roger Siddle, an experienced private equity portfolio chairman with a background in professional services leadership, has been appointed Chairman of the new company.

Houlihan Lokey served as the exclusive financing advisor to Exponent and ran a confidential process to arrange, structure, and negotiate the acquisition financing.

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