OakNorth, the leading digital bank for entrepreneurs, by entrepreneurs, has provided a £25m loan to private equity-backed pension advice provider, My Pension Expert.
Since being founded in 2010, the firm has helped thousands of people approaching retirement age make informed decisions about their retirement and unleash the potential of their pension. Headquartered in Doncaster, South Yorkshire, MPE has c.10k repeat customer and assets under influence (AUI) of over £1b. As a result of the firm’s ‘Excellent’ rating on Trustpilot, MPE is the UK’s highest-rated independent financial adviser specialising in retirement. The business has been backed by leading private equity firm, Palatine, since 2022, which focusses on investing in mid-market businesses through its Buyout and Impact Funds.
The £25m loan from OakNorth will enable the business to invest in future growth and target future acquisitions. The bespoke debt facility follows MPE’s maiden acquisition in May 2024 of financial advisory firm, Tenet&You, as part of its effort to improve access to independent financial advice.
Andrew Megson, CEO of My Pension Expert, commented: “We’re delighted to be partnering with OakNorth as we take this exciting next step in My Pension Expert’s growth journey. From the outset, the team there have demonstrated a deep understanding of our business and a clear belief in our long-term vision. Not only is this a vote of confidence, but it also gives us the financial flexibility to keep building momentum. It’s a really exciting time for the business; we’ve got big plans to grow – and grow fast. With such a strong leadership team in place, we’re well positioned to innovate, expand, and take My Pension Expert to the next level.”
Kieran Lawton, Senior Investment Director at Palatine, said: “This refinancing was possible due to the company’s strong trading performance plus the hugely successful acquisition and integration of Tenet&You last year. OakNorth’s support will help facilitate more M&A on top of MPE’s very strong underlying organic growth and we’re very much looking forward to working alongside them.”
Stewart Haworth, Director of Debt Finance at OakNorth, added: “My Pension Expert is an exceptional example of a digitally enabled, mission-driven business transforming access to retirement advice for underserved consumers. Their ability to scale efficiently while maintaining regulatory rigour and client satisfaction sets them apart in a traditionally fragmented market. With strong backing from Palatine and a proven leadership team, the business has already demonstrated impressive growth and integration capability, as seen in last year’s Tenet&You acquisition. We’re delighted to support their next phase of expansion and to partner with a firm that is making high-quality financial advice more accessible to thousands across the UK.”
Read the orginal article: https://ffnews.com/newsarticle/funding/private-equity-backed-pension-advice-provider-my-pension-expert-to-target-further-acquisitions-following-25m-loan-from-oaknorth/
