UK - Montagu Private Equity acquires Misys General Insurance for £182m

Rob
30 March 2006

Tweet
Facebook
LinkedIn
Google plus
Send to

Montagu Private Equity has signed an agreement to acquire Misys General Insurance for £182m. MGI is a wholly-owned subsidiary of Misys Plc, a global business providing specialised software applications to the healthcare and banking industries. Final completion of the sale is expected within the next three months.

MGI consists of two main operating divisions, Misys Financial Systems and Misys Insurance Management. MFS provides hardware, software and IT services to UK general insurance intermediaries. Misys Insurance Management, also known as Countrywide, is a network of independently owned insurance brokers who work together with Insurers to provide superior products and servicing for their customers.

Montagu's Jason Gatenby said: 'Since the current managers were appointed to MGI in 1999 the company has more than doubled its profits. This acquisition is in line with our favoured strategy of backing established teams in businesses with positive momentum. We were attracted to the business by its excellent record of profit growth and cash generation, the potential for growth in commercial lines business and the possibility of synergistic acquisitions'