Tue, 22 Nov 2022 | BUSINESS SALE
PIB Group has agreed a deal to acquire insurance firm The Jigsaw Group, in a deal valuing the company at up to £24.1 million. The agreed-upon offer is a base consideration of 204 pence per share, with an additional consideration of up to a further 14 pence.
If the full consideration is paid, this would value the company at around 16.4x its 2021-22 post-tax profits of £1.47 million. During that period, the company saw its annual turnover increase from £12 million in the previous year to £14.2 million and generated gross profits of £8.4 million.
The Jigsaw Group is headquartered in Harrogate, North Yorkshire and primarily works in the motor, breakdown and pet markets of the UK personal lines insurance industry. The company’s brands include 4Paws, Rescuemycar.com, Vehicle Rescue Network, Sterling Rock and NCI Insurance.
In a statement, Jigsaw said that the acquisition was in line with PIB Group’s plans “to build market leading positions in specialist insurance businesses.” PIB Group has completed more than 45 acquisitions since its formation, growing to provide services to customers across the UK, Europe, Ireland, Channel Islands and Israel, with revenues in excess of £200 million.
It has been reported that Jigsaw will be added to the Buyer’s Group, which is owned by PIB. It is thought that this will enhance the development of the group and significantly strengthen its existing operations in motor insurance.
Jigsaw said: "The Jigsaw board has concluded that the offer represents the best strategic option for Jigsaw and its employees, and a strong outcome for all of the Jigsaw shareholders, by providing them with the ability to monetise their holding in full, in cash, at a premium to any price that has ever been previously paid for Jigsaw Shares, and at an attractive multiple of EBITDA.”
"It views the buyer as a company that fully understands Jigsaw's markets, aims and culture and which can, therefore, provide appropriate support and development opportunities to the Jigsaw platform that will support its future growth."
The firm added: “The acquisition will provide Jigsaw with access to the resources of the buyer's group and enable Jigsaw's own development to be enhanced by utilising and leveraging off the Buyer's strong relationships with insurance carriers and existing product and service skills."
Find businesses for sale here.
If you are looking for an exit, we can help!.
Opportunity to acquire a reputable accountancy firm located in West London, known for its strong client relationships and potential for growth.
This is an opportunity to acquire a well-established accounting practice located in County Down, offering a strong client base and a reputation for quality service.
Opportunity to acquire a well-established firm operating in Shropshire and North Wales, with a strong local presence and untapped potential for growth.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.