CMS advises Blenheim Chalcot and L&G on sale of Salary Finance to Stream

CMS has advised Blenheim Chalcot and L&G on the sale of Salary Finance to Stream, a global workplace finance platform. The transaction brings together two businesses focused on improving the financial wellbeing of working people.

Founded in 2015, Salary Finance has been backed by Blenheim Chalcot since inception and by L&G since 2017. Over the past decade, the company has become one of the UK's leading workplace financial wellbeing providers, offering workplace loans, payroll savings, earned wage access and financial education services. Today, Salary Finance works with around 500 employers, including approximately one-fifth of the FTSE 100, and reaches more than 3.5m employees. 

 The acquisition by Stream marks the next stage of Salary Finance's growth. Following completion, the combined business is expected to reach 5.5m workers in the UK, alongside additional customers across the US and Europe. The enlarged platform will combine Salary Finance's workplace finance expertise with Stream's technology and broader suite of financial products. 

Closing of the transaction is subject to customary conditions, including FCA approval.

Theo Godfrey, Partner at CMS UK, commented: “We’re delighted to have supported Blenheim Chalcot and L&G on this transaction. Salary Finance has established a strong position in the workplace financial wellbeing market, and this combination with Stream brings together complementary businesses with a shared focus on supporting employees' financial wellbeing. We’re pleased to have helped our clients achieve this important milestone."

The CMS team was led by Theo Godfrey and Vitalii Mainarovych, and included Yee Rou Quah, Hannah Brash, Ga Hyee Lee, Lukas Vician, Vienna Leung, Sana Shafi, Jessica Slater, Opeyemi Lawal and Alyssa Chandiramani (Corporate); Cathy Wears, Andrew Quayle, Catherine Merry, Annette Beresford, Jaspal Pachu, Mala Patel and Lour Alraheb (Employee Incentives); Aaron Fairhurst, Philip Reid, Arran Bhatiani and Johanna Dodgson (Tax); James Dickie, Jason Blick, Matthew Hainsworth and Benjamin Colley (Finance); Emma Sweetman (Employment); and Jennifer Barr (Data Protection). 

The CMS Corporate team regularly advises private equity sponsors, investors, founders and management teams on complex domestic and cross-border M&A transactions, investments and exits across a broad range of sectors.