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Niche Financial Services

Dunedin backs MBO of niche insurance broker Acquis

By Dunedin,  May 14, 2019

Third investment for Dunedin in twelve months building on its expertise and track record within the financial services sector

Dunedin today announced that it has backed the management buyout of Acquis Insurance Management (“Acquis"), an independent insurance broker and administrator that provides specialist solutions to the finance and leasing industry. The deal enables the current management team, led by CEO Nick Leader, to drive the business’ international growth with support and funding from Dunedin.

This is Dunedin’s third platform investment in twelve months, following investments in digital technology specialist, Incremental Group; and innovative payments software business, GPS. The investment in Acquis follows on from Dunedin’s 2016 investment in specialist broker Kingsbridge, further enhancing its long experience and track record in the insurance sector.

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. The Company, which employs 38 people, is headquartered in Newport, Wales. 

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.

HSBC provided senior debt together with a revolving credit facility.

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.”

Nick Leader, CEO of Acquis, commented: “Our partnership with Dunedin gives us the extra firepower to accelerate the company’s international expansion plans, as well as additional funding to invest in new products for our clients. With significant experience in the insurance space, the Dunedin team really understands our business; they bring a powerful combination of expertise and funding that will enable us to take Acquis to the next level.”

• NewCo lead advisors: Momentum Corporate Finance
• Legals: Osborne Clarke, Womble Bond Dickinson
• Buy-side Corporate Finance: Deloitte
• Commercial Due Diligence: PwC, IAA
• Financial Due Diligence: PwC
• Regulatory Due Diligence: Grant Thornton
• IT Due Diligence: Beachside Consulting
• Debt advisory: Wyvern
• Advisors to selling shareholders: KPMG Corporate Finance
• Legal advisors to selling shareholders: TLT LLP

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