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Travers Smith advises on the merger of 20-20 Trustees and Punter Southall Governance Services to form Vidett


Travers Smith LLP has advised on the carve-out of 20-20 Trustees (20-20) from Broadstone, a portfolio company of Intermediate Capital Group (ICG) and the merger of 20-20 with Punter Southall Governance Services (PSGS) to form Vidett. The combined business is backed by ICG and Punter Southall.

Vidett looks after over 475 client schemes with total assets of over £142bn and covering over 2,500,000 scheme members. With a team of over 120, Vidett is now the UK's largest professional trustee and pension governance firm by number of clients.

Following the merger, Vidett is privately owned and is independent from any other provider of services to corporate pension and employee benefit schemes. The new business will be led by Co-Chief Executive, Naomi L'Estrange (formerly Managing Director of 20-20) and Wayne Phelan (formerly Chief Executive Officer of PSGS). They'll be supported by a senior leadership team drawn from across the predecessor businesses.

The Travers Smith team was led by Private Equity & Financial Sponsors Partners Ian Keefe and George Weavil with support from Private Equity & Financial Sponsors Senior Associates Max Conway and Laura Kelly and Associates Tom Morrish, Katie O'Riordan, Jessica Wetherop, Cari Sweeney and Matthew Carter. Finance Senior Consultant Andrew Gregson and Associate Jody Coleman advised on the debt financing aspects of the transaction and Tax Partner Hannah Manning and Associate Hugh Brooks advised on the tax aspects of the transaction.

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