AnaCap backs Simply Business MBO

Funds managed by AnaCap and Simply Business's management will wholly acquire Xbridge, the holding company of Simply Business, in a deal that values the company at at least £50m.

Exiting investors include Brit Insurance, which sold its 37% stake in the business, and the company's founder Brad Liebmann, who also sold his 30% stake in the company.

Simply Business is aiming to increase its presence in the online sub-segment of the insurance industry, a market predicted to grow by more than 25% per year.

Company
Founded in 2005 by parent company Xbridge and based in London and Northampton, Simply Business provides an online brokerage service delivering policies tailored to individual business requirements. It insures more than 225,000 small businesses across the UK.

The company's turnover has grown 44% per year from £4.2m in 2006 to £22.9m in 2012. Simply Business made a profit of approximately £1m in the last financial year. The company employs in excess of 140 people.

People
Peter Cartwright is co-managing partner of AnaCap. Cartwright and AnaCap director Ben Hollowood will join the company's board of directors. Jason Stockwood is the CEO of Simply Business.

Advisers
Equity - CMS (Legal); PwC (Financial due diligence, tax).

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