The acquisition gives Mercer a leading market position in Germany.
Mercer acquires Höfer Vorsorge - Management in Germany
Mercer, the global leader for human resource consulting, outsourcing and investment services, has signed an agreement to acquire Höfer Vorsorge-Management, one of Germany's leading actuarial and retirement consulting firms. The acquisition will be effective from 1 January 2008.
Mercer has acquired all shares in the Höfer business from its owners, Prof. Dr. Reinhold Höfer and Dr. Hugues Höfer. The acquisition gives Mercer the top market position in Germany extending its 300-strong employee base to more than 500, and expanding its reach to five additional offices in Berlin, Karlsruhe, Leipzig, Mülheim and Wiesbaden. Höfer's expertise and renowned thought leadership in the pensions arena will enhance Mercer's broad spectrum of national and international consulting services in human resources, pensions and related financial management.
"Germany is key to Mercer's global growth, not only as Europe's largest economy, but also as an important base for multinational companies," said M. Michele Burns, Mercer's global chairman and chief executive officer. "The combined company will offer our German and multinational clients a full spectrum of retirement consulting services, M&A consulting, international consulting including health and benefits advice for international operations, investment consulting and integrated financial management consulting."
Jacques Goulet, European head of Mercer's retirement business, added: "Höfer is an excellent fit with our business. With our extended consulting capacity and expertise we will immediately strengthen our position in the German market and bring increasing value to our combined client base."
Professor Dr. Reinhold Höfer and Dr. Hugues Höfer, owners and managing directors of Höfer, commented: "We have joined Mercer in the interests of both our clients and our staff. In particular, as part of Mercer we will be in a position to offer an excellent range of global consulting services to our increasing number of international clients."
In Germany, Mercer's core consulting areas include retirement consulting and actuarial services, human capital consulting, M&A, investment consulting and benefits outsourcing. The number of Mercer's employees in Germany has risen since 2003 from some 100 to over 300 employees today. They are based at offices in Düsseldorf, Frankfurt, Hamburg, Munich and Stuttgart.
Höfer Vorsorge-Management is one of the oldest and most well-respected actuarial consultants in Germany. It was founded in 1948 by the father and grandfather of the two shareholders, Professor Dr. Reinhold Höfer and Dr. Hugues Höfer. Headquartered in Mühlheim, Höfer today employs more than 200 highly qualified staff. Höfer has widely influenced the German occupational pensions industry with its intellectual capital and professional literature.
Höfer's offices are located in Berlin, Hamburg, Karlsruhe, Leipzig, Mühlheim, Munich, Stuttgart and Wiesbaden. Additionally, Höfer has affiliates in Essen and Heidelberg.