Lincoln International to focus on, and further grow, its core global investment banking services through sale of Lincoln Pensions, to the Cardano Group
Lincoln International LP (“Lincoln International”), the leading global, mid-market investment bank, announces that it has sold the firm’s UK pensions advisory business, Lincoln Pensions, to the Cardano Group (“Cardano”) for an undisclosed sum.
This transaction allows the firm to focus on, and grow at an accelerated pace, its core global investment banking services which include:
- Mergers & Acquisitions;
- Debt Advisory Services;
- Special Situations;
- Valuation & Opinions; and
- Joint Ventures & Partnering.
Lincoln International established Lincoln Pensions, a UK-only business, in response to the introduction of specific UK pensions regulations in 2005. As a specialist subsidiary of Lincoln International, the business focused on providing specialist pensions covenant advice to its core client base of defined-benefit pension plans and their trustees. It has become, over recent years, the leading independent market leader on these issues. The sale will allow Lincoln Pensions and investment risk specialist, Cardano, to more fully integrate investment risk, economic scenario testing and covenant advice within each of their respective offerings.
Divesting Lincoln Pensions, which in 2015 represented less than 5% of Lincoln International’s global revenues, to a highly strategic buyer provides the proceeds for Lincoln International to aggressively grow its global service offering and focus its UK business on its core competencies and client base. The Investment Banking revenues in 2015 represented approximately 65% of the total Lincoln International business in the UK and Lincoln Pensions approximately 35%.
Mr. Redmayne will retain a relationship with Lincoln International through a continuing role as a Senior Advisor to the global firm. Additionally, Lincoln International, Lincoln Pensions and Cardano have agreed on a continuing strategic relationship whereby there will be cross referrals of business. Lincoln International and Lincoln Pensions may also work together on joint projects.
Jim Lawson, Chairman of Lincoln International, said, “The sale of Lincoln Pensions represents a ‘win-win-win’ – Lincoln International receives capital to further invest in its core investment banking operations, Lincoln Pensions becomes part of a firm completely focused on pensions integrated risk management and Cardano gains a valuable and complementary business. Despite Brexit and other world issues, we see significant opportunity globally, and so, will reinvest the proceeds of the transaction in continuing to grow our UK and global advisory businesses. We look forward to working with Cardano and Lincoln Pensions as part of our new strategic partnership. We thank Darren Redmayne and the entire Lincoln Pensions team for their contributions to Lincoln International.”
Darren Redmayne, former UK Chief Executive Officer & Head of Lincoln Pensions, said, “It has been a privilege over the past nine years to help establish and build Lincoln International in the UK from a start-up into a thriving multi-service investment banking business. I look forward to continuing to work with Lincoln International as a Senior Advisor to the firm and wish Lincoln’s London operation continued success.”
Kerrin Rosenberg, Chief Executive Officer of Cardano UK, added, “The expertise and services offered by Cardano and Lincoln Pensions are highly complementary. Working in the same group will allow us to more effectively draw upon our combined knowledge on the investment and covenant sides of the IRM equation, allowing us to develop services for our clients and offer a comprehensive approach to risk. We also look forward to working with Lincoln International under our new strategic partnership.”
About Lincoln International
Lincoln International, LP (“Lincoln International”) is a global investment banking firm that specialises in merger and acquisition advisory services, debt advisory services, private capital raising, joint ventures and restructuring advice on mid-market transactions. Lincoln International also provides fairness opinions and valuations on a wide range of transaction sizes. With 17 offices in 14 countries spread across the Americas, Asia and Europe, Lincoln International has strong local knowledge and contacts in key global economies. More information about Lincoln International can be obtained at www.lincolninternational.com.
About Lincoln Pensions
Lincoln Pensions Limited (“Lincoln Pensions”) is the leading independent provider of employer covenant analysis to schemes and sponsoring employers. Its senior team possesses a breadth of experience unrivalled by any of its competitors including credit analysis, corporate finance, regulatory, legal and actuarial expertise. Lincoln Pensions provides independent, thoughtful and helpful covenant advice which can be used to support negotiations relating to scheme funding, M&A, or other corporate events. More information about Lincoln Pensions can be obtained at www.lincolnpensions.com.
About The Cardano Group
The Cardano Group (“Cardano Group”) is a purpose-built investment and risk specialist, operating in the UK and the Netherlands. Founded in Rotterdam in 2000 under the motto “rethinking risk, for a better outcome”, it established its operations in the UK, Cardano Risk Management Ltd (“Cardano UK”) in 2007. Cardano offers clients specialised advisory and fiduciary management services helping pension funds achieve a steady stable growth in funding ratios with less chance of nasty shocks. Across Europe, they work with a number of major European pension funds and insurance companies. More information about Cardano can be obtained at www.cardano.com.
