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PIB looks to raise £200mn in new consolidation push

15th April 2019 - Author: Matt Sheehan

PIB Group, an acquisition vehicle backed by U.S private equity firm Carlyle, is looking to raise £200 million to support a new deal-making push, according to reports from the Evening Standard.

share-buy-back-moneyThe firm has reportedly engaged advisors from Deloitte to restructure its credit facilities in an effort to build funds for future deals.

PIB is focused on acquiring small brokers in the Lloyd’s market, and has closed 19 takeovers since 2015, with a further seven to ten planned for this year.

According to the Evening Standard, PIB has a £90 million credit facility that it is aiming to increase to between £100 million and £200 million.

“We’re quite a young business so it’s inevitable we would go back to our debt providers to restructure on a regular basis,” said PIB Chief Executive Brendan McManus.

A fresh wave of deals from PIB would build on the growing trend of consolidation in the re/insurance broking sector, which saw more than 100 mergers and acquisitions deals last year.

These included the acquisition of Jardine Lloyd Thompson Group plc (JLT) by Marsh & McLennan Companies, Inc. (MMC) for $5.6 billion, which completed earlier this month.

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