Hood Group Limited has completed a management buy-out (MBO) with backing from private equity firm Connection Capital LLP.
The MBO involves the acquisition of the group’s silent shareholders by the current management team, which includes CEO Simon Hood (pictured), commercial director Bruce Reid, chief operating officer James Wallis, travel director Mark Izzard, and non-executive chair Andy Homer. All senior and associate directors remain with the business.
The financing from Connection Capital includes capital to support Hood Group’s strategy for growth in direct and B2B insurance distribution. The funding is intended to drive investment in both new and existing sectors, while also strengthening various operational functions across the group, aiming to enhance service delivery for brand partners, insurers, and customers.
Hood described the investment as a significant step for the company.
“With the support of Connection Capital and the great team they have assembled, we are confident in our ability to accelerate our growth plans and continue providing market-leading insurance solutions to our partners and customers,” Hood said.
Connection Capital’s investment director, Mark Snaith, remarked on the firm's positive experience with the Hood Group management team, noting their adaptability to changes in the insurance market.
“We believe they are well-positioned to build on the company’s success and continue delivering exceptional value to their clients. Our investment, our experience with Tempcover, and our connections within the insurance industry will provide the support needed to unlock new opportunities and deliver the planned growth,” Snaith said.
Hood Group partners with start-ups, consumer brands, and major insurers. Specialising in general insurance, including home and travel, it provides partners with a product and quote platform as well as design, sales and retention.
What are your thoughts on this story? Please feel free to share your comments below.
