INEVEXCO ASSURED OF FUTURE GROWTH BY PRIVATE EQUITY SALE
Jay Singh, KBS Corporate Finance Director, has successfully advised on the sale of InEvexco Limited to AssuredPartners — a leading insurance broker with an international portfolio.
InEvexco was founded in 2011 and, over the course of a decade, has established itself as a market-leading insurance specialist for the events industry.
The Kent-based business offers insurance services for contractors, organisers and exhibitors, as well as via the Affinity Partnerships service for companies looking for added value for their own client bases.
InEvexco Managing Director Mark Clayton instructed KBS on the sale of the company as part of his wider retirement plans. Richard Stocks, Senior Research Analyst at KBS, was excited to present the opportunity to the wider insurance industry, owing to the high levels of M&A activity in the market and strong valuation multiples.
“This is a sector in which we’ve done a number of deals over the last couple of years, including Ravenhall, A-Plan Group and Channing Lucas & Partners,” said Richard.
“There are several private equity-backed consolidators in the marketplace, as well as overseas companies looking to expand in the UK.
“Having worked on deals in this sector previously, I was very familiar with the buyers we should be speaking to. The insurance broker space is the most active market for M&A and where we see amongst the highest multiples paid.”
AssuredPartners was successfully approached by KBS, having been recognised as an active acquirer seeking niche brokers with sector specialism.
Founded in 2011, AssuredPartners — the 11th largest insurance broker in the US with revenues of over $1billion — is now investing in firms across the UK and Ireland as part of its international growth strategy.
Mark Clayton is confident the relationship with AssuredPartners will fulfil InEvexco’s long-term potential.
“Deciding to sell is never an easy decision, but we knew from the beginning that working with AssuredPartners gave us a great opportunity to achieve our long-term goals,” said Mark.
“InEvexco has enjoyed success because we made it our business to understand our clients and the industry inside out.
“With the team staying in place and the wider resources available at group level, I firmly believe the company is well positioned to continue expanding in the years ahead.”
Richard Stocks is satisfied with the outcome of the deal and eager to explore future transactions in the insurance broker M&A market.
“This is now a space in which KBS is well connected with acquisitive parties and we have proven we can generate significant interest in high-quality brokerage companies and drive returns for exiting shareholders,” said Richard.
Jay Singh added: “We have built close relationships with buyers and are able to present businesses to appropriate parties, from small firms through to larger and specialist brokers. Our experience and expertise ensures we are able to generate a swift and competitive process, while maximising shareholder value.”