Carlyle invests in PIB Insurance Brokers

The company, which was founded in 2014, was hitherto owned by its management team and external private investors. The deal is expected to close in Q2 next year.

It remains unclear at this stage whether Carlyle secured a majority stake in the business and whether the deal was structured as a management buyout or a growth capital deal. The size of Carlyle's investment has not yet been disclosed.

The GP invested via its Carlyle Global Financial Services Partners II fund. The vehicle closed on $1bn in 2014 and targets investments in sectors including asset and wealth management, insurance, speciality finance, financial technology, depositaries, capital markets and business services. The fund is headed by Olivier Sarkozy, the half-brother of former French president Nicolas Sarkozy.

This marks the fund's second acquisition in the UK insurance market: earlier this year, Carlyle purchased Barbon Insurance Group, a UK-based provider of tenant referencing and insurance products to the rental market.

Carlyle and the PIB management team intend to consolidate the brokerage market via external acquisitions for PIB. The fresh capital will also be dedicated to funding a recruitement drive for the business. Carlyle may inject further equity in PIB down the line to further finance these plans.

Company
Established in 2014, PIB Insurance Brokers offers a range of insurance-related services, including broking, analytics and claims management. It is based in Birmingham with further offices in London, Glasgow, Norwich, Newton Stewart and Aberdeen.

PIB's turnover remains undisclosed.

People
Olivier Sarkozy led the deal for Carlyle.

Advisers
Equity – BNP Paribas (Corporate finance); Linklaters (Legal).
Company – Jamieson Corporate Finance (Corporate finance).

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• Buyouts
• UK / Ireland
• Financials
• United Kingdom
• Carlyle Group