AnaCap sells off Simply Business for £120 million

Mon, 11 Apr 2016 | BUSINESS SALE

Private equity company AnaCap has sold off UK online insurance broker Simply Business for a reported £120 million.

Simply Business has been bought by fellow New York-based private equity firm Aquiline Capital Partners in a deal that will see AnaCap make a return worth four times what the company put in. AnaCap had previously backed a management buyout (MBO) at Simply Business in 2013.

Founded in 2005, Simply Business provides insurance policies for small companies, has around 350,000 customers on its books and employees in the region of 300 people in its London and Northampton offices.

The business is in good shape, having increased revenues from £23 million in 2012 to around £40 million in 2015. Its chief executive was a former executive at travel company lastminute.com and dating giant match.com.

Tassilo Arnhold, one of the directors at AnaCap, said: “When we acquired Simply Business, we saw a rare opportunity to support the management buyout of a digital disruptor in a fast-growing segment of the insurance industry.

“Together, we have delivered exceptional growth and a great return for our investors, and we wish Jason and his team well as they move into the next exciting phase of their growth with Aquiline.”

Jason Stockwood, the chief executive of Simply Business, added: "Since day one, innovation has been at the heart of what we do at Simply Business. Over the past three years we have transformed our customer conversion and retention rates, driven by the installation of a pricing analytics engine, and have become the first commercial insurance broker in the UK to deploy real time pricing.

"We would like to thank AnaCap wholeheartedly for their support and guidance during this enormously successful period."

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