26th Jan 2021 09:48
(Alliance News) - Apax Global Alpha Ltd on Tuesday announced its partner Apax X Fund has agreed to acquire insurance intermediary PIB Group for an undisclosed amount.
The Guernsey-based private equity and derivatives investor said it will invest about EUR20 million as part of its PIB Group acquisition, which is expected to close in the first half of 2021.
Apax Global Alpha said PIB Group's income has risen from zero to approximately GBP175 million on a pro-forma basis in 2020 over five years. It employs more than 2,000 employees in the UK, Channel Islands, Ireland, Germany, Poland and India.
"The acquisition by Apax X will help PIB continue its impressive growth trajectory, both organically and through accelerating strategic mergers and acquisitions to continue its domestic and international expansion," said Apax Global Alpha.
Shares in Apax Global Alpha were trading flat at 192.40 pence in London on Tuesday.
By Zoe Wickens; [email protected]
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