PIB’s govt administration workforce, led by Chief Govt Officer Brendan McManus and Chief Monetary Officer Ryan Brown, will proceed to guide the enterprise following the acquisition.
Launched in 2015, PIB has grown considerably throughout Carlyle’s possession, each organically and thru acquisitions. Right now it’s a extremely diversified insurance coverage distribution consolidator specializing in specialist business strains and non-standard private strains merchandise with deep experience throughout each direct and B2B distribution by means of its broking, underwriting and community divisions.Since launch, PIB Group earnings has risen from nil to roughly £175m on a pro-forma foundation in 2020. The corporate employs over 2,000 staff within the UK, Channel Islands, Eire, Germany, Poland and India. PIB not too long ago acquired Barbon Insurance coverage Group (its thirty fifth acquisition) and in addition additional strengthened its European presence by means of the acquisitions of WDB in Poland and Marx Re-Insurance coverage in Germany.
The acquisition by the Apax Funds will assist PIB proceed its spectacular development trajectory, each organically and thru accelerating strategic M&A to proceed its home and worldwide enlargement. The Apax Funds have important expertise investing within the insurance coverage sector and serving to firms consolidate massive, fragmented markets, together with Assured Companions, Genex and Hub Worldwide, which had been efficiently exited in 2019, 2018 and 2013 respectively.
Brendan McManus, CEO of PIB, stated: ‘I am delighted that PIB has been acquired by the Apax Funds. It is a important milestone in our historical past and due to assist from The Carlyle Group since our formation, we have now constructed a robust and enticing enterprise. With additional funding and the numerous expertise that Apax will supply, we sit up for persevering with our formidable development plans each within the UK and internationally whereas placing our clients and colleagues on the forefront of every thing that we do. We sit up for our continued success with each Apax and Carlyle as companions.’John Redett, Managing Director at The Carlyle Group, stated:‘5 years in the past we backed Brendan and his administration workforce to turn out to be a significant consolidator of insurance coverage distribution companies. We’re thrilled in what we have now achieved collectively. By way of a major M&A programme and funding within the firm’s methods and expertise, the enterprise has delivered outstanding development. We consider there continues to be alternatives for PIB to develop and are delighted to stay concerned and proceed the journey.’
Ashish Karandikar, Companion at Apax Companions, stated: ‘We see a robust funding case for the specialist business insurance coverage broking market and PIB stood out as a number one participant on this area. The corporate has grown at a formidable price, has a superb observe report of accretive M&A offers, together with worldwide acquisitions into fragmented markets and holds a number one place as one of many largest unbiased company brokers within the UK. We sit up for working with the workforce, and all PIB’s clients and shoppers as we proceed to construct on the corporate’s nice success up to now, utilizing Apax’s important expertise within the sector to drive transformation and development.’
PIB’s achievements have been recognised within the 2020 Sunday Instances Virgin Atlantic Quick Observe 100 of Britain’s quickest rising firms, in addition to the Sunday Instances PwC Prime Observe 250 of Britain’s main mid-market non-public firms.
Linklaters are serving as authorized counsel to PIB and The Carlyle Group, and Kirkland & Ellis is serving as authorized counsel to Apax. KBW is serving as monetary advisor to PIB and The Carlyle Group in reference to the transaction and Jamieson Company Finance and Dickson Minto has been advising the administration workforce.
About PIB Group
PIB is a dynamic unbiased insurance coverage middleman group that gives specialist business insurance coverage options throughout the UK market and past. PIB gives a variety of specialist groups, services and products to shoppers all through the UK, Channel Islands, Eire, Germany and Poland. For extra data see www.pibgroup.co.uk
About Apax Companions LLP
Apax Companions is a number one world non-public fairness advisory agency. Over its greater than 40-year historical past, Apax Companions has raised and suggested funds with mixture commitments of roughly $50 billion. The Apax Funds spend money on firms throughout 4 world sectors of Tech & Telco, Providers, Healthcare and Shopper. These funds present long-term fairness financing to construct and strengthen world-class firms. For extra data see: www.apax.com.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a world funding agency with deep business experience that deploys non-public capital throughout three enterprise segments: International Non-public Fairness, International Credit score and Funding Options. With $230 billion of belongings underneath administration as of September 30, 2020, Carlyle’s goal is to take a position correctly and create worth on behalf of its traders, portfolio firms and the communities during which we stay and make investments. Carlyle employs greater than 1,800 individuals in 30 places of work throughout six continents. Additional data is out there at www.carlyle.com. Comply with Carlyle on Twitter @OneCarlyle.
For PIB Group
Lorraine Hambleton / 020 3961 7644 / Lorraine.Hambleton@pib-insurance.com
For Apax Companions
Luke Charalambous / +44 20 7872 6494 / Luke.Charalambous@apax.com
Matthew Goodman / James Madsen, Greenbrook | +44 20 7952 2000 | email@example.com
For The Carlyle Group
Andrew Kenny / +44 7816 176120 / Andrew.Kenny@carlyle.com
The Carlyle Group LP printed this content material on 25 January 2021 and is solely accountable for the knowledge contained therein. Distributed by Public, unedited and unaltered, on 25 January 2021 17:47:03 UTC