Private equity investor Perwyn has announced its acquisition of insurance distribution and growth platform Atec. The acquisition was made through an off-market transaction from Kester Capital.
With the acquisition, former BGL CEO and founder of Compare the Market Matthew Donaldson will be joining Atec as chairman. Perwyn will also be partnering with Atec CEO Brendan Devine as well as his management team in strengthening Atec’s position in the market.
“I’m very much looking forward to working closely with Matthew Donaldson, our incoming Chairman. We are like-minded, and he has a huge amount of experience in the UK market, having led BGL Group for a number of years, and his connections and background in M&A will be of great benefit for the business, in our growth plans over the next 5 years,” said Devine.
“Atec already enjoys a market leading position and has significant headroom for growth. I’m really looking forward to working with Brendan and the Perwyn team to realise our ambitious goals,” said Donaldson.
Atec consists of digital niche personal lines broker Ceta as well as MGA Arkel. It is focused on designing, distributing, and underwriting a range of specialist home and leisure insurance products within the wholesale and retail personal lines market in the UK.
Since 2020, Atec has seen its revenue and profits grow, with its GWP growing from under £25 million to over £75 million. During this period, its customer policy volumes also saw significant growth from 125,000 to 345,000.
“We are delighted with the investment from Perwyn. It is a ringing endorsement of the business we have successfully built and our future strategy,” said Devine.
“We have been highly impressed by the Perwyn team who share in our vision to continue the organic growth trajectory we’ve been on and to accelerate our development through strategic M&A,” he added.
The completion of the transaction is still subject to the regulatory approval of the FCA.
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