Weightmans advises STM Group PLC on acquisition

A corporate law team from national law firm Weightmans has advised the AIM-listed multi-jurisdictional financial services group, STM Group PLC (STM), on its acquisition from Mercer Limited (Mercer) of Premier Pensions, Mercer’s UK pensions services business for SIPP and SSAS pension schemes.

The acquisition, which completed on 31 August 2022, involved STM buying the portfolio, net assets and trustee companies of Mercer’s UK Self-Invested Personal Pension (SIPP) and Small Self-Administered Scheme (SSAS) business, operating under the Premier Pensions brand.

STM sees the Premier Pensions portfolio as complementary to its existing product offerings in the UK SIPP and SSAS market, adding some 2,100 SIPPs and 700 SSASs to its UK portfolio, which is expected to double the revenue generated from STM’s “Options” UK personal pensions business, and provide a platform for scalability and efficiencies going forward.

The acquisition was made for a fixed consideration of £3.34 million.

STM is one of the leading multi-jurisdictional providers of international pensions, life assurance solutions, annuities and workplace pensions, employing almost 300 multi-disciplinary professionals across four jurisdictions.

Corporate Partner Nick Fothergill, based in Weightmans’ London Office, led a multi-disciplinary team drawn from across the firm, including Mark Poulston (Pensions), Laurence Pritchard and Tom Trowhill (Commercial), Helena Liebster (Property), Michael Ryley (Employment), Haydn Rogan (Tax) and Robert Turnbull and Sarah Jennings (Corporate).

Nick Fothergill commented:

“We are very pleased to have advised STM on this important acquisition for the group, expected to be a significant addition to its Options personal pensions solution business in the UK. We wish STM well on this exciting next stage of its journey”.”

Julian Camble, STM’s Head of Acquisitions, commented:

“We greatly appreciated the strong support provided by Nick and the Weightmans Team, enabling us to manage the legal aspects of due diligence, contract negotiation, exchange and completion.”