Specialist events insurer InEvexco Ltd has been acquired by AssuredPartners, a US-based, private equity backed insurance broker with an international portfolio.
Kent-based InEvexco was founded in 2011 and over the course of a decade, has established itself as a market-leading insurance specialist for the events industry.
The business based in West Malling, Kent offers insurance services for contractors, organisers and exhibitors, as well as via the Affinity Partnerships service for companies looking for added value for their own client bases.
InEvexco managing director, Mark Clayton said: “Deciding to sell is never an easy decision, but we knew from the beginning that working with AssuredPartners gave us a great opportunity to achieve our long-term goals.
“InEvexco has enjoyed success because we made it our business to understand our clients and the industry inside out.
“With the team staying in place and the wider resources available at group level, I firmly believe the company is well positioned to continue expanding in the years ahead.”
Founded in 2011, AssuredPartners — the 11th largest insurance broker in the US with revenues of over $1billion — is now investing in firms across the UK and Ireland as part of its international growth strategy.
InEvexco instructed KBS Corporate, who approached AssuredPartners having recognised the company as an active acquirer seeking niche brokers with sector specialism.
Richard Stocks, senior research analyst at KBS Corporate, was excited to present the opportunity to the wider insurance industry, owing to the high levels of M&A activity in the market and strong valuation multiples.
Stock said: “This is a sector in which we’ve completed a number of deals over the last couple of years.”
“There are several private equity-backed consolidators in the marketplace, as well as overseas companies looking to expand in the UK.
“Having worked on deals in this sector previously, I was very familiar with the buyers we should be speaking to. The insurance broker space is the most active market for M&A and where we see amongst the highest multiples paid.”
