Mon, 15 Dec 2014 | DIVISION SALE
Equistone Partners Europe has announced that it is to sell its majority holding in insurance broker A-plan to HgCapital.
The independent investment firm first became involved with A-plan in 2008 when it backed a management team in a primary buyout of the company. A-plan has since witnessed strong growth, with revenues increasing from £44 million in 2008 to around £73 million in the year ending February 2015.
A-plan provides a range of insurance products including SME commercial, home, car and high net worth. Headquartered in Whitney, the business has 73 branches across the UK, 19 of which were opened during Equistone’s six-year investment period.
The value of the sale to HgCapital has not been disclosed and the deal remains subject to FCA approval.
A-Plan chief executive Carl Shuker said the firm appreciates the support it has received from Equistone. He continued: "We are very excited about the next chapter in A-Plan's growth and look forward to working with HgCapital as we continue to expand our national footprint and embark on the next phase of delivering A-Plan's leading levels of service to a larger number of clients."
Andrew Land, partner at HgCapital, added: "We are delighted to be backing Carl and his team in this transaction and will endeavour to support the business as it continues to pursue its growth strategy."
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