Electra Partners backs £270m buyout of esure
Electra Partners, together with limited partner Penta Capital, have backed the buyout of esure in a deal valued at around £270m, acquiring Lloyds Banking Group's 70% stake.
Electra has invested £30m into the deal for a minority holding.
Esure was founded in 2000 as a joint venture between the then Halifax plc and Peter Wood. The company offers car, home, pet and travel insurance over the internet and by phone. Esure launched the Sheilas' Wheels brand in 2005 and now uses it to offer car, home and travel insurance marketed primarily at women. The company is headquartered in Reigate.
Wood founded esure in collaboration with HBOS, which was acquired by Lloyds in 2008.
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