Capita Group PLC
05 September 2007
5 September 2007
CAPITA ACQUIRES PENSIONS FIRM HIGHAM DUNNETT SHAW
The Capita Group plc ('Capita') today announces the acquisition of Higham
Dunnett Shaw (HDS) for a consideration of £15 million on a cash free/debt free
basis. The acquisition will add valuable new expertise and added capacity to
Capita Hartshead's core pensions management and administration business.
Capita Hartshead is the largest specialist pensions administration organisation
in the UK providing an individually tailored pension scheme management and
administration service. The acquisition of HDS will enhance its ability to
deliver technically challenging pensions administration, consultancy and
actuarial services to corporate clients.
HDS's operating profit for the 12 months ended 31 December 2007 is forecast to
be £2.0m on turnover of £21.1m.
Paul Pindar, Chief Executive of the Capita Group Plc said: 'The acquisition of
Higham Dunnett Shaw will enhance and broaden Capita Hartshead's position in the
pensions administration market. Its current business provides a number of
synergies with our existing service - for example in Pension Protection Fund
support services. And it adds important new services, such as expertise in the
bulk purchase annuities market which is becoming increasingly important. We are
confident that the acquisition will enable us to provide a full end-to-end
service for clients of all sizes and achieve significant economies of scale. '
Jocelyn Blackwell, Chief Executive Officer of HDS, said: 'HDS has a long
track-record of designing and implementing efficient, cost-effective, and
technically compliant solutions to the requirements that flow from major changes
in the life and pensions sector. Over the last five years it has built a
substantial business from a base of pension wind-ups, and pensions mis-selling
and, in addition to these core services have now established a capability in
three developing markets that present significant value-add growth
opportunities; customer retention, pension transition services and Pension
Protection Fund (PPF) assessment. Being part of Capita Hartshead will enable us
to realise our full potential in these markets.'
HDS employs around 260 staff located across four cities - London, Edinburgh,
Telford and Leeds.
For further information please contact:
Paul Pindar, Chief Executive
Shona Nichols, Corporate Communications Director
Tel: 020 7799 1525
Capita press office
Tel: 0207 654 2152 or 0870 2400 488 (out of hours)
Notes to editors:
The Capita Group Plc is the UK's leading provider of integrated professional
support service solutions. The Group's service capabilities encompass business
process outsourcing, (BPO), customer services, administration and support, human
resources, ICT, property consultancy, finance & treasury and consultancy
delivered to both public sector and private organisations. With 27,800 employees
at more than 250 offices across the UK, Channel Islands, Ireland and India,
Capita is quoted on the London Stock Exchange (CPI.L), and is a constituent of
the FTSE100 with revenues for 2006 of £1,739 million.
Further information on The Capita Group Plc can be found at: www.capita.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange