Investment - Articles - PIC in £85m buyin for Interface Europe Pension Scheme

Interface is a global commercial flooring manufacturer, offering an integrated collection of carpet tile and resilient flooring with sales across all continents.

Jo Harris, Chair of the Trustee at Dalriada, said: “We’re very pleased to have concluded this transaction with PIC. This was not a straightforward transaction, but with the hard work of Scheme advisers, support from the employer, and flexibility from PIC, we believe we’re together providing the best outcome that the market can offer for our members. I want to thank the employer, our advisers, and the PIC team, for their collaborative approach throughout the transaction.”

Deepash Amin, Head of New Business Strategy at PIC, said: “At PIC, we pride ourselves on delivering first-class customer service, so we’re proud as this was recognised as a key factor in securing the transaction. The Trustee was focussed on achieving a smooth, efficient outcome for members and our team worked collaboratively to complete the transaction.”

Sam Whalley, lead risk transfer adviser at PwC, said: “We are proud to have led the advice to the Trustee on this transaction with PIC. This was a collaborative process, showing the value of preparation ahead of time and early market engagement, which meant that a number of complexities were dealt with efficiently.  This collaboration and flexibility from all parties allowed the Trustee to achieve a great outcome for the Scheme’s membership.”

PIC was advised by CMS Cameron McKenna Nabarro Olswang. PwC was the lead transaction adviser to the Trustee, with Isio having supported with long term actuarial and benefit consultancy to the Scheme and Eversheds Sutherland providing legal advice.