Primary Group Limited’s sale of UK General Insurance Limited (UKG) and Precision Partnership Limited (PPL) to Rcapital Partners LLP and joint investor Montague Investment Group is now a done deal.
“We are pleased to have obtained regulatory approval in a quick timeframe and appreciate the support of the FCA (Financial Conduct Authority), our advisers, and the management team in this regard,” said Rcapital investments head Chris Campbell, whose camp acquired a majority stake in the two firms.
“We can now proceed with the planned acquisition and our exciting merger and growth plans for these businesses.”
Based in Leeds, UKG is a personal lines managing general agent that is manned by over 50 people. PPL, meanwhile, employs over 80 colleagues and is a specialist support function for authorised insurance agents or brokers.
UKG/PPL is led by chair Lord Marland, chief executive Tim Smyth, and chief financial officer Ryan Gill.
“Our focus is firmly on the niche and specialist schemes space, and while our priority is to combine the businesses, we are also bringing forward an enhanced client proposition through giving them access to broader products, capability, expertise, and capacity,” commented Smyth.
“It’s great news to finally complete this deal, and I look forward to an exciting and fruitful new era with the support of our investors Rcapital and Montague. We are all excited by the opportunity to create exceptional value for our new owners, capacity providers, and our customers.”
As joint investor, Montague snapped up a minority stake in UKG/PPL.
Montague founder and CEO Donald Harrell had this to say: “We are delighted that this acquisition has been completed successfully, and we look forward to working closely with Tim, Ryan, and their excellent teams to deliver on their growth ambitions.
“UKG and PPL are two outstanding businesses, and this is the first of what we envisage will be a number of such transactions with like-minded companies for Montague.”
Lord Marland, meanwhile, described the transaction as bringing together quality organisations under a forward-thinking management team.
“We begin with a firm focus on measured, profitable growth, both organically and inorganically where it fits our longer-term strategy,” he said.
“We intend to work closely with our capacity providers, including insurer Accelerant, and other stakeholders, to fulfil the potential of the combined business, which already controls in excess of £100 million GWP (gross written premium) and employs 140 people.”