A new name has appeared on the London stock market, InvestAcc Group Ltd (LSE:INAC), formerly Marwyn Acquisition Company II after the shell company completed its acquisition of the pension provider and was re-admitted to the main market.
MAC2 was set up and floated in 2020 by investment manager Marwyn Investment Management and earlier this year agreed a £30 million fundraising and acquisition of pension provider InvestAcc Group, including backing from Marwyn Value Investors Ltd (LSE:MVI).
Today, the deal was completed and the new InvestAcc name was adopted, with a new stock exchange ticker.
"We are delighted to reach this important milestone, marking the start of a new chapter for the company as InvestAcc Group," said executive chairman Mark Hodges.
"This is a key step in delivering on our ambition to build the UK's leading specialist pensions administration business through our buy-and-build strategy."
As part of the acquisition, 6.15 million shares were issued to InvestAcc founder Nick Gardner, giving him a 12.6% stake.
Panmure Liberum has been appointed as broker.