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Benefits provider Xafinity comes under new ownership

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Pensions and employee benefits provider Xafinity has been acquired by Advent International.

Advent International is a global buyout firm with around $24 billion in private equity capital. It has been active in the financial sector for over 20 years, having invested in some 30 financial services companies worldwide, resulting in an unrivalled depth of knowledge of this diverse industry.

With the positive backing of Duke Street, Xafinity's pervious owner, the company has reported consistent growth in both sales and profits, even during the economic downturn.

The pensions marketplace is still highly fragmented and poised for further consolidation.  Following the successful acquisition and integration of Hazell Carr in 2008, Xafinity has a pipeline of further targets to build on its current market position. Being backed by Advent International gives Xafinity greater scope and financial muscle to achieve these ambitions. 

Tim Robinson, chief executive of Xafinity, said: "I am delighted on behalf of all my colleagues to welcome Advent International as our new owners. To have the backing of such a prestigious, global organisation is great news for all our stakeholders. 

"We have significant ambitions for the development and expansion of Xafinity domestically and overseas. The sector expertise, funding and supportive approach that is the hallmark of Advent International will help us achieve these ambitions and accordingly make Xafinity an even stronger company."