LONDON: The Apax X Fund, in which AGA is a limited partner, announced that it had entered into a definitive agreement to acquire the PIB Group, a leading independent specialist insurance intermediary.
The transaction is expected to close in the first half of the year. On a look through basis, AGA is expected to invest approximately €20m in the company.
Note that these figures relate to AGA’s look through position of Apax X’s overall investment in PIB and are stated before taking into account any closing adjustments and are translated into Euro based on today’s exchange rates where applicable.1
Launched in 2015, PIB is a highly diversified insurance distribution consolidator focusing on specialist commercial lines and non-standard personal lines products with deep expertise across both direct and B2B distribution through its broking, underwriting and network divisions.
PIB Group income has risen from nil to approximately £175m on a pro-forma basis in 2020 in five years. The company employs over 2000 employees in the UK, Channel Islands, Ireland, Germany, Poland and India.
The acquisition by Apax X 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 significant 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.
AGA, whose shares are listed on the London Stock Exchange, provides investors with access to a diversified portfolio of private equity funds advised by Apax Partners as well as a focused portfolio of debt and equity investments. In July 2019, AGA made a commitment of c.$450m2 to Apax X.