CBPE acquires Compre from Milestone

Following the completion of the deal, Compre will look to increase its existing operations in Germany. CBPE will provide capital to support portfolio transfers and acquisitions of European insurance companies.

The transaction comes less than a year before the Solvency II directive, which requires insurance companies in the EU to increase the amount of capital they hold, comes into effect. CBPE stated this is likely to lead to consolidation within the marketplace.

Under Milestone, Compre undertook a buy-and-build growth strategy, acquiring Switzerland-based insurance company Aurora Versicherungs in January 2013.

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

Company
Founded in 1991, London-headquartered Compre specialises in the acquisition of insurance companies and portfolios that are in run-off. It operates in Germany, Switzerland, the Nordics and the UK.

People
Mathew Hutchison, a partner at CBPE, and investment director Richard Thompson will take a seat on the board of Compre. CBPE investment director Andrew Nelson also worked on the deal. Nick Steer is CEO of Compre.

Advisers
Equity – EY (Corporate finance); ReedSmith (Legal).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• Financials
• UK / Ireland
• Buyouts
• United Kingdom
• Milestone Capital
• Close Brothers Private Equity (CBPE)