Cinven, BCI to acquire Compre from CBPE

Katharine Hidalgo
01 December 2020

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Cinven and British Columbia Investment Management Corporation (BCI) have agreed to acquire insurance company Compre from CBPE Capital.

Cinven is currently investing from its seventh-generation fund, which closed on €10bn in May 2019. This is the fund's third acquisition following the purchase of LGC and Thyssenkrupp Elevator.

The Compre transaction is the second investment from Cinven's new strategy focusing on financial services; the strategy targets long-term investment opportunities across Europe.

BCI, a Canada-based LP direct investor, has made investments in several European companies, including UK-based insurance broker BMS Group and Netherlands-based Refresco.

Previous funding
Milestone Capital backed the buy-in management buyout of Compre in August 2010 in a deal valued at £5–30m. The GP then provided the business with fresh capital to finance the 2013 bolt-on of Aurora Versicherungs.

CBPE acquired a majority stake in Compre from Milestone in 2015, drawing capital from the firm's eighth-generation fund, which closed on £405m in 2010.

Following the investment, Compre looked to increase its existing operations in Germany, and CBPE agreed to provide capital to support portfolio transfers and acquisitions of European insurance companies.

During the holding period, Compre made a number of acquisitions, including Gjensidige's marine and energy legacy portfolio and AG Insurance's UK insurance and reinsurance business.

Company
Compre is a specialist consolidator of closed books of non-life insurance policies. Founded in 1991, Compre employs around 80 people at its offices in the UK, continental Europe and Bermuda.

People
Cinven – Luigi Sbrozzi (partner).
Compre – Will Bridger (CEO).

Advisers
Equity – Macquarie Capital (M&A); Allen & Overy (legal); Latham & Watkins (legal); PwC (commercial, financial & IT due diligence); FTI Consulting (IT due diligence); Deloitte (tax); Marsh (insurance due diligence).
Management – Liberty Corporate Finance (corporate finance); DLA Piper (legal, tax).