Global Private Equity Advisory firm Apax Partners has acquired UK-based insurance intermediary PIB Group from The Carlyle Group’s ownership.
Caryle Group had acquired PIB, which specializes in providing commercial solutions across Europe, in 2015 and recently made the decision to reinvest and opt for minority stake.
The Linklaters team were the legal counsel to the PIB Group and Carlyle Group, led by counsel Andrew Lynch and Alex Woodward. Kirkland along with Ellis were the legal counsel to Apax Partners. Counsel Jean Price advised on financial regulatory aspects.
Following the acquisition, PIB Group’s executive management team will be led by Chief Financial Officer Ryan Brown and Chief Executive Officer Brendan McManus.
In a statement, Managing Director at Carlyle Group, John Redett expressed his delight in delivering remarkable growth and looks forward to continuing the energy.
Partner at Apax Partners, Ashish Karandikar mentioned the growth of PIB group and its substantial track record in accretive M&A deals. Apex’s significant experience in the insurance sector coupled with their support will help build PIB’s success, he added.
The Apax Funds have catered companies in consolidating large and fragmented markets in the insurance market.