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Perwyn, a leading European private equity investor, is delighted to announce that it has acquired the Atec Group in an off-market transaction from Kester Capital.
Atec is a powerful insurance distribution and growth platform led by CEO Brendan Devine and CFO Ian Gilbert. The group consists of Ceta, a leading digital niche personal lines broker, and the MGA Arkel. The business designs, distributes and underwrites a range of specialist home and leisure insurance products within the UK wholesale and retail personal lines market on behalf of over 340,000 policyholders.
At the forefront of tech-enabled insurance distribution and niche product and channel development, Atec has undergone impressive organic growth. Since 2020 it has more than tripled its revenue and profits, taken its GWP from under £25m to over £75m and grown customer policy volumes from 125k to345k.
Brendan Devine, CEO of Atec, said:
“We are delighted with the investment from Perwyn. It is a ringing endorsement of the business we have successfully built and our future strategy. 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.
“I would also like to thank Kester who have been excellent investors in the business, and for supporting me to establish the right team and lay the foundations for transformative growth."
Edward Lunken, Investment Director at Perwyn, said:
“We have been thoroughly impressed by Brendan, Ian, and the whole Atec team, with whom we’ve been building a shared vision over an extended period, culminating in this bilateral deal. We look forward to supporting the business to even greater heights over the coming years”
Completion of the transaction is subject to FCA regulatory approval.