Ross Trustees secures LDC investment
Ross Trustees, an independent professional trustee and pensions support services business, has secured investment from LDC, a mid-market private equity investor.
The investment provides a financial platform for the company’s future growth. Financial details of the investment are undisclosed.
Ross Trustees was founded in 2010 by Steven Ross and provides professional trustee and pensions support services, as well as pensions manager and secretariat services through its Ross Corporate Services division.
Ross Trustees has since grown to support more than 100 pension schemes, with asset values from GBP1 million to GBP6 billion. The business employs a team of 45 professionals, with pensions expertise from legal, actuarial, consultancy, investment, project management, administrative and business backgrounds. For the financial year that ended March 2020, Ross Trustees recorded revenues in excess of GBP8 million.
The management buyout was led by the existing management team – CEO Nigel Moore, COO Susan Andrews and CBDO Andrew Bradshaw. Nigel, Susan and Andrew are experienced professional trustees and fully accredited members of the Association of Professional Pension Trustees.
The investment from LDC will support the management team to develop the company’s service offering for clients and expand its workforce.
LDC’s investment was led by Investment Directors Phil Hinson and Matt Newbold, LDC Head of Midlands Richard Whitwell and Investment Manager Josh Wachman. Phil and Richard will join the board as Non-Executive Directors.
Nigel Moore, CEO at Ross Trustees, says: “The changing regulatory landscape in the pensions sector, as well as increased corporate activity and business restructuring, is driving demand for our professional trustee services. Partnering with LDC will help the business to grow more rapidly to meet this demand. It will also help us to further expand our products and services as we continue to support more pension schemes and their members.”
Phil Hinson, Investment Director at LDC, says: “Ross Trustees works with an impressive roster of pension schemes and has established a reputation for the depth and technical expertise of its team and its diverse, modern culture. We have been impressed by the vision that has been set out by Nigel and the management team and look forward to supporting their ambition.”
Steven Ross, Founder of Ross Trustees, says: “‘It is extremely pleasing that the business has grown into the successful and dynamic company that it is today. The company was founded on a strong ethos of collaboration, pragmatism and client service and these attributes have driven the business throughout. As I transition into a less active role in the business, it is important to me that an incoming investor shared that vision and is able to provide a platform for sustained growth so that we can energetically meet our clients’ evolving needs. I firmly believe LDC associates with our values and I look forward to seeing the business continue to go from strength to strength and to supporting its ongoing success.”
LDC is committed to backing the ambition of management teams through the economic cycle. In 2020, the private equity house has already completed more than 30 new investments and portfolio company acquisitions across the UK.
Banking facilities were provided by HSBC.
LDC was advised by KPMG (corporate finance and tax), BDO (financial due diligence), Armstrong (commercial due diligence), Gateley (legal) and AON (insurance).
Ross Trustees was advised by Cooper Parry (corporate finance) and DWF (legal).