ECI acquires The Clear Group

ECI is currently investing from its 10th fund, which closed on £500m in 2014. The vehicle was 70% deployed as of early July, according to Unquote Data, and typically backs the buyouts of firms with enterprise values of £20-150m.

Unquote understands that the deal values the business in excess of £50m.

The GP held a first and final close for its 11th buyout fund on £700m earlier this month.

Since launching 17 years ago, The Clear Group has made 23 bolt-on acquisitions. The incumbent CEO Howard Lickens and deputy CEO Gary O'Donnell will continue to lead the company following the deal.

The transaction is subject to regulatory approval by the FCA.

Company
Founded in 2001, London-headquartered The Clear Group is an insurance broker that offers home insurance policies and a broad range of insurance types for businesses, with a particular focus on the property and construction markets. The company has 30,000 clients and handles more than £115m in policies, according to a statement.

The Clear Group has a headcount of around 200 including its additional offices in Maidstone, Cranleigh, Leamington Spa and Spalding. In the year ending in October 2017, the business generated a turnover of £14m with operating profit of £2.2m, according to publicly available documents. However, since the end of its financial year, it has acquired Genavco Insurance and Robert Alexander.

People
ECI Partners – Paul McCreadie (partner).
The Clear Group – Howard Lickens (co-founder, CEO); Gary O'Donnell (co-founder, deputy CEO).

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