Cinven, an international private equity firm, and Candian investment manager, British Columbia Investment Management Corporation (BCI), have announced the acquisition of Compre for an undisclosed sum.
Compre, an independent specialist legacy acquirer, has been bought from CBPE Capital, a mid-market UK business investor.
Founded in 1991, Compre employs roughly 80 people across the UK, Europe, and Bermuda, and has previously acquired portfolios from well-known institutions including Allianz, Generali, HSBC, and Swiss Re.
The deal will allow Cinven and BCI to utilise the steady “growth opportunities” in new markets that Compre can offer.
Luigi Sbrozzi, partner at Cinven, said: “Compre is extremely well placed to access new growth markets, such as the US and Lloyd’s, and to broaden its client offering further.
“We look forward to working with Compre’s management team to deliver these growth opportunities, drawing on the deep expertise of the Cinven team in the insurance sector.”
The transaction will be completed in Q2 2021, subject to regulatory approval, and marks the “next phase of growth” for Compre.
Will Bridger, CEO at Compre, said: “This was made possible through the commitment of everyone at Compre and our drive and determination for what we do.
“The legacy market is on an exciting trajectory and, together with our new shareholders, we will be best placed to deliver the ambitious plan we have for Compre.”