Kester Capital Backs Management Buyout of CETA Insurance
CETA Insurance Limited (“CETA”), an innovator in niche personal and commercial insurance distribution, has been acquired in a management buyout backed by Kester Capital, a leading mid-market private equity firm.
CETA Insurance is an innovator in personal and commercial insurance distribution. Since inception, CETA has been at the forefront of tech-enabled insurance distribution and niche product and channel development. CETA has been successful at leveraging its online broking platform, diverse range of insurer relationships, strong digital marketing skills and deep data insights to develop market leading positions and recurring customer relationships in its core markets and channels.
Following the acquisition, John Bibby, formerly of BBI Worldwide and Primary Group, will take over as CEO. Andrew Blowers, founder of Swiftcover and current NED at the AA plc, will remain on the Board as Chairman.
John Bibby, CEO, commented: “With its market leading software platform, CETA is a rare asset in the insurance industry. We are looking forward to building on the strong base that the founders have created and extending the platform further by developing new relationships with insurers and distribution partners.”
CETA’s technology is used to distribute products in a number of niche general insurance markets, both digitally, direct to consumer, as well as through a network of over 1,500 broker and IFA members. The business employs over 120 staff from its head office in Chipping Norton, Oxfordshire, and will remain a strong supporter of the local community.
Cameron Crockett, Founding Partner, Kester Capital said: “We have been very impressed by CETA’s platform and its ability to provide a responsive service to customers and insurers through innovative use of technology and data. We look forward to supporting the business in its growth ambitions, both organically and through bolt-on acquisitions.”
Kester Capital was advised by Cornerstone Corporate Finance, Deloitte, Travers Smith, HFW and Grant Thornton. Cordet Capital Partners provided debt finance for the transaction.
CETA is a national network of intermediaries with over 4,000 members in the UK. The company provides insurance products from a panel of the UK’s leading insurance companies. It provide Its members with the ability to sell a range of highly competitive General Insurance products, without the need to hold individual agencies with the insurers themselves, or the requirement for a minimum level of business.
Source: Kester Capital press release