Apax Partners has acquired independent specialist insurance intermediary PIB Group, alongside its management team.
Funds advised by The Carlyle Group, PIB’s existing investor since 2015, will re-invest for a minority stake, although the financial terms of the transaction were not disclosed.
PIB’s executive management team, led by Chief Executive Officer Brendan McManus and Chief Financial Officer Ryan Brown, will continue to lead the business following the acquisition.
The acquisition by the Apax Funds will help PIB continue its impressive growth trajectory, both organically and through accelerating strategic M&A to continue its domestic and international expansion.
The Apax Funds have experience investing in the insurance sector and helping companies consolidate large, fragmented markets, including Assured Partners, Genex and Hub International, which were successfully exited in 2019, 2018 and 2013 respectively.
John Redett, Managing Director at The Carlyle Group, said: “Five years ago we backed Brendan and his management team to become a major consolidator of insurance distribution businesses.
“We are thrilled in what we have achieved together. Through a significant M&A programme and investment in the company’s systems and talent, the business has delivered remarkable growth. We believe there continues to be opportunities for PIB to grow and are delighted to remain involved and continue the journey.”
Ashish Karandikar, Partner at Apax Partners, said: “We see a strong investment case for the specialist commercial insurance broking market and PIB stood out as a leading player in this space.
“The company has grown at an impressive rate, has an excellent track record of accretive M&A deals, including international acquisitions into fragmented markets and holds a leading position as one of the largest independent corporate brokers in the UK.
“We look forward to working with the team, and all PIB’s customers and clients as we continue to build on the company’s great success to date, using Apax’s significant experience in the sector to drive transformation and growth.”
