PIB Group has announced it is being acquired, alongside its management team, by funds advised by Apax Partners.
The group’s existing investor, funds advised by The Carlyle Group, will reinvest for a minority stake.
The transaction’s financial terms, which were subject to regulatory approval, were not disclosed.
PIB’s executive management team, led by the group’s CEO Brendan McManus and CFO Ryan Brown, will continue to lead the business following the acquisition.
The company employs over 2000 employees in the UK, Channel Islands, Ireland, Germany, Poland and India, and recently acquired Barbon Insurance Group to further strengthen its European presence.
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.”
He added: “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.”