Sovereign’s Kindertons buys Plantec
Accident management firm Kindertons, backed by Sovereign Capital, has acquired Plantec, a UK-based provider of services to the motor insurance industry.
Plantec will remain independent and operate as a subsidiary of Kindertons. The bolt-on is expected to extend Kindertons' offering in the motorcycle market and to expand the group's network thanks to the Plantec distribution centre in the Midlands.
Debt to support the bolt-on was provided by Chenavari Investment Managers.
Sovereign backed Kindertons in October 2013, with debt provided by Chenavari. Further bolt-ons are planned for the company.
Company
Founded in 2005, Plantec is a fully outsourced claims solution provider to the motor insurance industry. The company manages around 15,000 claims per year including both car and motorcycle claims. Plantec has 64 staff and is based in Dudley and Southport.
People
Neil Cox and Rob King led the deal for Sovereign.
Advisers
Company (Kindertons) - DWF, Frank Shepherd (Legal).
Debt - DLA Piper, Matthew Christmas (Legal).
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