Formed in 2005, Barbon provides insurance broking and related services through three lettings brands; HomeLet, Let Alliance, and Rentshield Direct.
The “excellent synergies” provided by PIB’s 35th acquistion will supposedly strengthen the group’s existing stance in the lettings sector.
Brendan McManus, CEO at PIB, said: “Our investment in Barbon represents an excellent strategic fit thanks to its consistent growth and multiple synergies which will enhance our expertise in the lettings sector and complement PIB’s overall retail proposition.”
Alongside the deal comes a change in leadership for Barbon, with Andy Halstead becoming group CEO.
Halstead will replace Martin Totty, who had previously signalled intentions to step down in an already planned transition.
Halstead said that he is excited to “develop a unique, full-service insurance offering” in partnership with those at PIB.