The Pensions Insurance Company (PIC), a specialist insurer of defined benefit pension schemes, has completed the £60m acquisition of Bodycote UK pension scheme, ensuring benefits for all 680 scheme members.
Bodycote provides specialist heat treatment services, providing the metallurgical solutions necessary to improve the performance, reliability and service life of critical components.
The company serves various industrial sectors around the world, including aerospace, automotive, energy, defense and medical, leveraging its global reach and local knowledge to meet rigorous technology and sustainability standards.
Mark Johnston, account director at Vidett and chairman of the trustees of the Bodycote UK pension scheme, said: “We are delighted to be working with Bodycote plc on this acquisition, which is a positive step in our ongoing strategy to ensure the long-term security of all members.
“When we brought our plans to market, we knew we wanted to transact quickly. PIC has delivered exceptional results for us in this regard. The team delivered a seamless transaction in an accelerated timeframe. Their flexibility and focus on best-in-class customer service were part of the reason we chose to transact with them.”
Adam Dann, senior originating actuary at PIC, said: “We are delighted to have completed this acquisition of Bodycote UK Pension Scheme. The preparatory work undertaken by the trustees and the company prior to the flotation and the close collaboration between all parties involved made the transaction successful, fast and smooth from start to finish.”
“We are now working closely with all parties to convert members of the scheme into PIC policyholders.”
Tom Ridley, senior transaction manager at Isio, a firm providing specialist advice to Bodycote trustees, said: “We are delighted to have secured this outcome for members of the scheme.
“Transactions like this can be very difficult to navigate, particularly when managing illiquid assets, but close collaboration between trustees, companies, advisers and PICs can help manage the challenges. This is a great example of what can happen when all parties are focused on one goal – providing members with a secure future.”
