Apax Partners is exploring options for its UK-based specialist insurance broker PIB Group, including a potential sale, reported Reuters, citing sources.
The London-based private equity investor could hire a financial adviser later this year to assess buyer interest in the company, the sources said.
Go deeper with GlobalData
A potential deal could value PIB at more than £4bn based on its projected annual EBITDA of around £250m.
Apax, which acquired PIB Group from Carlyle Group in 2021, refrained from commenting on the matter. PIB did not respond to requests for comment.
Carlyle and management are minority shareholders in the insurance broker. Carlyle also refused to comment on the sale plans.
The insurance sector has seen a trend of high valuations and acquisitions, with private equity firms drawn to the stable cash flows and growth potential through mergers and acquisitions.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataNotable transactions include KKR’s purchase of APRIL Group for €2.3bn ($2.48bn) in 2022 and Permira’s acquisition of GGW in 2023 for an undisclosed sum.
In 2022, PIB demonstrated growth, with a 49% increase in revenue to £345m and a 36% rise in EBITDA to £91m.
The insurance broker specialises in offering commercial lines and non-standard personal lines insurance solutions.
Under Apax’s ownership, PIB has been on a dealmaking spree, expanding into the Spanish market with the acquisition of brokers AVC, Grupo IDDEAS and JSC in January this year.
Most recently, PIB announced the acquisition of Italy’s Inside 2.0, an insurance specialist for car dealerships.
Besides Spain and Italy, PIB’s subsidiary, Campion Insurance, expanded its Irish presence with the acquisition of County Dublin-headquartered FitzGerald Flynn Insurances in late January.
