UK life insurance broker Reassured has agreed to sell a minority stake to investor Bridgepoint Development Capital (BDC) in order to fund the future development of the business.
The company said the transaction would allow it to focus on growth plans such as investment in new technologies and the development of new products.
Reassured was founded in 2009 and employs over 600 staff across offices in Basingstoke, Manchester, Southampton and Portsmouth with further offices planned for expansion over the next 12 months.
During the transaction, the shareholders of Reassured were advised by Hines Associates over an 18-month period to help launch the sale process.
“We chose to work with Hines because of their expertise in financial services and their commitment to our business,” said Steve Marshall, Reassured’s founder and CEO.
“We were looking for a partner to help us to continue building and diversifying our growing business. It was good to have Hines on our side, as advisers, advocates and critical contributors to the project.”
“It was an exciting opportunity to work with Steve and the Reassured team. We helped Reassured to find the right partner for the realisation of Steve’s vision” added Richard Hines, founder of Hines Associates.