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.
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.
Jatender Aujla is a director of Belvedere Bidco. Paul Williams is CEO of Brightside.
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GP had previously made an offer of SEK 70 per share, which was later increased to SEK 72 per share
Company intends to boost its production capability, bolster its international expansion and pursue a buy-and-build strategy