Melior sells BHP Insurance to PE-owned PIB Group

Revenues have grown by 25% driven by a 20% increase in policies and an increase in customer retention rates in the period, according to a statement by the buyer.

Merlior’s divestment marks the first exit from Melior Equity Partners II, a EUR 160m fund closed earlier this year supported by The Ireland Strategic Investment Fund, the European Investment Fund, Bank of Ireland and Allied Irish Banks, amongst others.

PIB’s acquisition of BHP will bring the total headcount for its Irish team to 350 employees, according to the statement.

Following completion of the deal the business will continue to trade under its existing brands for the medium term and will be part of PIB’s Irish division, led by Campion Insurance.

Company
Dublin-based BHP has two divisions. The BHP unit operates as a commercial broker based in West Dublin with 23 staff and is the only not-for profit focused broker in the Irish market with deep sector knowledge, while the Keegan Meredith and Williams Insurances (KMW) division is a commercial broker based in South Dublin with seven staff.

People
Campion Insurance – Jim Campion (CEO).
Melior Equity Partners – Esmond Greene (managing director).
BHP Insurance – Martina Westphal and John Williams (managing directors).

Advisors
BHP – FinRes (John Lacy, John Hannon).
Vendor – Deloitte Corporate Finance, William Fry and KPMG.

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