TEBC is based in Marlow, Buckinghamshire and has approximately 100 corporate client relationships. It provides corporate advice mainly on pensions and group risk with some face-to-face member advice.
Foster Denovo says it intends to integrate TEBC with its own Secondsight employee benefits division. The deal will see TEBC’s staff join the Foster Denovo group.
Roger Brosch, chief executive of Foster Denovo said: “We are delighted to welcome TEBC, their clients and staff into the Foster
“Sue Lewis, who heads up TEBC, has built exceptionally strong relationships with her clients and her experience in financial services and employee benefits is invaluable. I am particularly looking forward to Sue joining and sharing her extensive knowledge with her new employee benefit colleagues in Secondsight.
“This is the first acquisition we have completed as part of our growth strategy. Whilst we have met with many potential acquisition opportunities, TEBC stood out for its similar culture to Foster Denovo and its client-centric approach to conducting business.
“The acquisition of TEBC is part of our continued intent to bring in high quality clients, advisers and support staff to Foster Denovo over the next few years.”
Sue Lewis, managing director of TEBC, said: “We are looking forward to joining Foster Denovo and the benefits it will bring to TEBC clients and our team.
"Foster Denovo offers an enhanced employee benefits proposition throughSecondsight, complementing the services that we have been providing up to this point. And I’m especially excited to be able to talk to clients in greater detail about Secondsight’s financial education and wellness propositions.”
Foster Denovo Limited has eight offices across the UK. Foster Denovo co-founder Keith Carby recently resigned from the company he helped set up in 2005 to make way for fresh blood.