Synova's Stackhouse Poland acquires PII

This is the 12th bolt-on for the business since gaining support from Synova in 2014. The GP led the BIMBO of Stackhouse Poland; financial details of the transaction remained undisclosed, though the business generated EBITDA of approximately £5m at the time, and it is understood Synova acquired a significant minority stake, becoming the group's largest shareholder.

Stackhouse Poland undertook a refinancing in 2017, in order to support its ongoing acquisitive growth strategy. Ares provided a package comprising a £50m senior debt facility and a £20m accordion feature. The package replaces a Lloyd's facility secured two and a half years prior.

Founded in 1974 and headquartered in Guilford, Surrey, Stackhouse Poland is a specialist insurance brokerage focusing on private client insurance, commercial insurance, community insurance, and health and protection insurance for groups and individuals. The group's acquisitive growth strategy targets complementary niche insurance providers operating in personal and specialist commercial lines.

Synova is invested in Stackhouse Poland via Synova II, which closed on £110m in 2013 and is fully committed.

Company
Founded in 2012, PII is a real estate insurance broker with offices in London and Bordon. The business advises on all aspects of property risk, including construction risks, legal indemnity policies, and warranty and indemnity insurance. PII also provides environmental risk insurance.

People
Synova Capital – David Menton (managing partner).
Stackhouse Poland – Tim Johnson (CEO).

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