Momentum Corporate Finance announced its latest successful transaction, providing the lead financial advice for the management buyout of Newport-headquartered Acquis Insurance Management.
Acquis is an independent insurance broker and administrator that provides specialist solutions to the finance and leasing industry.
The MBO was backed by Dunedin, the UK mid-market private equity house, and is subject to regulatory approval. HSBC provided senior debt and a revolving credit facility.
The deal enables the current management team, led by Bristol-based CEO Nick Leader, to drive the business’ international growth with support and funding from Dunedin.
Momentum structured the deal between vendors, management and investor, from inception to completion, advising on all aspects of the buy side funding.
Founded in 2009, Acquis provides leasing companies with insurance for leased equipment and is currently placing insurance in thirteen countries across Europe.
Blue-chip clients include Investec Asset Finance, BNP Paribas Leasing Solutions, Siemens Financial Services, Société Générale Equipment Finance and Deutsche Leasing.
Following Dunedin’s investment, Acquis plans to grow its team and expand into new markets, particularly in Europe where the business has recently opened a new office in the Netherlands. Acquis will also invest in developing new products to meet a broader range of client needs.
Oliver Bevan, Partner at Dunedin, who will join the Acquis board, commented: “We really look forward to working with Nick and the team at Acquis and see huge potential for the growth of the business, particularly as it expands further into Europe and beyond. Acquis is already the clear UK and European leader in its niche and is well placed to build on its position at the forefront of this fast-growing market. Dunedin has a strong record of investing in specialist insurance and we look forward to drawing on that experience to support Acquis’ ambitious growth plans.
“We thoroughly enjoyed working with Momentum throughout the transaction – they were a key part of the buy side advisory team – driving the deal from inception through to completion. MBOs are complex transactions and Momentum’s ability to apply senior resource throughout the deal made a real difference.”
Rob Crews, Partner at Momentum, commented: “It was a pleasure to work with the management team and Dunedin on this MBO. We were delighted to be involved from the initial structuring of the deal right through the whole deal process. This is a good news story all round, showing that MBOs can represent a smooth exit for vendors whilst at the same time priming the company for further profitable growth.”