Private equity firm AnaCap Financial Partners through its indirectly owned entity Belvedere Bidcob has reached an agreement to acquire UK-based Brightside, an insurance brokerage firm, in a transaction valued at approximately £127m.
The Bristol-headquartered insurance broker has a workforce of more than 1,100 employees. As per the deal, Brightside is purchased for 25p per share, a 32% premium to its closing share price of 18.87p on 7 April 2014.
Brightside chief executive Paul Williams said that the transaction will enable the company to embark on its future growth strategy.
Belvedere Bidco director Jatender Aujla said that the firm looks forward to working closely with the management and to investing in Brightside’s business over the next few years to develop it into one of the leading personal and commercial lines insurance brokers in the UK market.
"We are excited by the opportunity to bring our operational expertise to Brightside, as well as capital, to support a strategy to create long term and sustainable value," Aujla added.
Brightside is made up of three brands that include eInsurance Group, CVD and One Insurance Solution, and offers various types personal and commercial insurance products.
AnaCap operates as a specialist private equity firm concentrating on investing in the European financial services sector.
Macquarie Capital and Cenkos were appointed to offer advice on the deal.
Image: PE firm AnaCap agrees to acquire insurance broker Brightside for £127m.Photo courtesy of: adamr/freedigitalphotos.net.