Connection Capital in £13.3m Tempcover MBO

According to a statement, Connection is looking to capitalise on the growth in the temporary insurance market fueled by the removal of third party cover in many comprehensive car insurance policies and the evolution of the gig and sharing economies. Under its new ownership model, the business will also look to expand into new market verticals and ramp up its marketing activity.

As part of the deal, Tempcover has introduced Bell & Clements chairperson Peter Barrett as non-executive chair and Brokersure Group CEO Christian Young as non-executive director. Both Barrett and Young have also invested in the transaction.

Debt
Santander provided a £5.75m debt package to support the deal.

Company
Founded in 2006 and headquartered in Fleet, Hampshire, Tempcover is an online platform for short-term insurance policies with a particular focus on automotive and home insurance. It provides policies of 1-28 days through customer portals, third party brokers and affiliate partners. Its products include cover for areas including car purchases and rentals, learner drivers, students, expats and home insurance.

People
Connection Capital – Miles Otway (partner).
Tempcover – Alan Inskip (CEO).

Advisers
Equity – Gateley (legal); Crowe Clarke Whitehill (financial due diligence); Compliance Management Services (compliance due diligence); Heuris Consulting (management due diligence); Vista Insurance Brokers (insurance due diligence).
Management – Cavendish Corporate Finance (corporate finance); Squire Patton Boggs (legal).
Debt – Gowling WLG International (legal).

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