Insurance distributor secures new PE backer
Tue, 25 Jun 2024 | BUSINESS NEWS
Atec Group, a digital distributor of specialist personal lines insurance products, has been acquired by private equity firm Perwyn in an off-market deal. The acquisition provides an exit for Atec’s previous backer Kester Capital, which has driven major growth at the company since it first invested seven years ago.
Atec, which is headquartered in Chipping Norton, designs, underwrites and distributes policies for the specialist home and leisure markets. The company works on behalf of over 340,000 policyholders and has two proprietary portals: ‘insuremy’ and ‘compare’.
Perwyn will partner with Atec CEO Brendan Devine (pictured above) and the company’s incumbent management team to harness its existing momentum and further bolster its position as a digital and data-driven specialist insurance platform, through both organic and acquisitive growth opportunities.
Brendan Devine said that Perwyn’s investment was “a ringing endorsement” of the business and its future growth strategy. He added that Perwyn shares the company’s vision “to continue the organic growth trajectory we’ve been on and to accelerate our development through strategic M&A.”
The deal also sees prominent UK insurance industry figure Matthew Donaldson, founder of Compare the Market and former CEO of BGL Group, appointed as Atec’s new chairman. Donaldson commented: "Atec already enjoys a market leading position and has significant headroom for growth. I’m really looking forward to working with Brendan and the Perwyn team to realise our ambitious goals."
Perwyn, a European private equity investor, specialises in buyout and growth capital investments across four key sectors: technology, health, services and food and ingredients.
Following the announcement of the deal, Perwyn Investment Director Edward Lunken commented: "We have been thoroughly impressed by Brendan, Ian, and the whole Atec team, with whom we’ve been building a shared vision over an extended period, culminating in this bilateral deal.”
"We look forward to supporting the business to even greater heights over the coming years and are particularly pleased to have Matthew Donaldson, a well-known name in the industry, join as chairman."
Find out more about the factors shaping M&A activity in the wider UK insurance sector
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