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Apax Companions is exploring choices for its UK-based specialist insurance coverage dealer PIB Group, together with a possible sale, reported Reuters, citing sources.
The London-based non-public fairness investor may rent a monetary adviser later this yr to evaluate purchaser curiosity within the firm, the sources mentioned.
A possible deal may worth PIB at greater than £4bn primarily based on its projected annual EBITDA of round £250m.
Apax, which acquired PIB Group from Carlyle Group in 2021, shunned commenting on the matter. PIB didn’t reply to requests for remark.
Carlyle and administration are minority shareholders within the insurance coverage dealer. Carlyle additionally refused to touch upon the sale plans.
The insurance coverage sector has seen a pattern of excessive valuations and acquisitions, with non-public fairness companies drawn to the secure money flows and development potential by mergers and acquisitions.
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Notable transactions embody KKR’s buy 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 development, with a 49% improve in income to £345m and a 36% rise in EBITDA to £91m.
The insurance coverage dealer specialises in providing business strains and non-standard private strains insurance coverage options.
Below Apax’s possession, PIB has been on a dealmaking spree, increasing into the Spanish market with the acquisition of brokers AVC, Grupo IDDEAS and JSC in January this yr.
Most just lately, PIB introduced the acquisition of Italy’s Inside 2.0, an insurance coverage specialist for automobile dealerships.
In addition to Spain and Italy, PIB’s subsidiary, Campion Insurance coverage, expanded its Irish presence with the acquisition of County Dublin-headquartered FitzGerald Flynn Insurances in late January.
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