ECI backs £57m Avantia buyout

The fresh capital will be used to finance organic and acquisitive growth.

Company
Avantia, through its HomeProtect brand, offers home insurance to households. The company aims to differentiate itself by providing insurance to households that other providers consider too difficult; it returns quotes to 97% of applicants, which according to the company is 25% more than its closest competitor. The majority of its customers (80%) are deemed by other insurers as "difficult to insure", typically because they have larger houses, run businesses from home, own listed buildings, have flat roofs, thatched roofs or previous convictions.

People
Phillip Walter is CEO of Avantia and David Walker is the company's co-founder. Paul McCreadie is an investment director at ECI.

Advisers
Company – Cavendish Corporate Finance (Corporate finance).

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