AnaCap acquires LSE-listed Brightside
AnaCap Financial Partners has agreed to acquire Brightside Group, the LSE-listed insurance broker, for £127m.
The GP stated that it plans to grow Brightside by developing strategic relationships with insurers and distribution partners.
The deal, which values the company's shares at 25 pence each, is expected to conclude in Q3 of 2014. Capital will be drawn from AnaCap's second fund. The deal will be completed via the Belvedere Bidco newco.
In Feburary, AnaCap acquired a €700m portfolio of non-performing loans from UniCredit Credit Management Bank.
Company
Founded in 2001 and based in Bristol, Brightside is an insurance broker that incorporates the eInsurance, Commercial Vehicle Direct and One Insurance brands. In 2013 it reported a turnover of £88.6m, down from £91.2m in 2012, and profits before tax of £11.2m, down from £17.5m the previous year.
People
Jatender Aujla is a director of Belvedere Bidco. Paul Williams is CEO of Brightside.
Advisers
Equity – Macquarie (Corporate finance).
Company – Cenkos (Corporate finance).
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