PIB Group continues with its acquisition spree, announcing the addition of Vetop Internacional, a Spanish family-owned insurance broker with international corporate clients across 20 markets.
Pending customary approval by the Spanish regulator, this latest acquisition sees PIB Group become the fifth-largest broker in Spain, bringing revenues to over €24 million.
Vetop was founded by Max Galceran and Juan Carlos Ventín in 1986. It has since developed a portfolio of corporate and international clients, making it one of the leading Spanish brokerage firms in its segment.
The acquisition of Vetop brings added health, energy, and transport expertise to PIB, in addition to deepening its international reach. It follows PIB Group Spain’s acquisition of Privat and Campos y Rial, which were announced in February 2023 and December 2022, respectively.
To date, the group has acquired eight new businesses in Spain in just 18 months, and a total of 33 new businesses in Europe in 2022 alone.
“I want to warmly welcome our new Vetop colleagues to the PIB family. We are off to a hugely successful start already in 2023, building on our exceptional growth in 2022,” said Martín Navaz, CEO of PIB Group Spain. “Vetop’s scale, depth of client relationships, and areas of specialism complement the other businesses in our family. We look forward to facilitating Juan Carlos Ventín and the team’s ongoing growth.”
“Welcoming Vetop to our European family demonstrates, once again, our growth ambitions and our long-term vision,” added Onno Janssen, CEO of PIB Group Europe. “Through the acquisition of specialist, market-leading insurance businesses, we grow our bench of expertise and are ever better placed to service our clients in the best way. We’ll be sharing more exciting news of our growth across Europe, and in Spain particularly, over the coming months.”
A press release from PIB Group confirmed that Vetop’s CEO Juan Carlos Ventín and CFO Montse Galcerán will continue to be involved in leading the brokerage in the coming years.
“I’m excited about this new stage in our company’s history,” Ventín said. “The vision of PIB Group and its expansion across all major European territories is clear; they want to create a leading force in the industry which includes the very best businesses in the sector. Clients will seamlessly receive the same level of service and experience from our committed colleagues now and into the future.”
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