European private equity investor acquires Atec Group

European private equity investor Perwyn has acquired insurance distribution business Atec Group in an off-market transaction from Kester Capital.

Atec Group comprises digital niche personal lines broker Ceta and MGA Arkel. 

The business creates, distributes and underwrites a range of specialised home and leisure insurance products for the UK wholesale and retail personal lines market, serving over 340,000 policyholders.

Atec is led by chief executive Brendan Devine and chief financial officer Ian Gilbert.

Perwyn will collaborate with Brendan and the management team to solidify Atec’s position as a leading technology and data-driven specialist insurance platform, both through organic growth and mergers and acquisitions.

Edward Lunken, investment director at Perwyn, said: “We have been thoroughly impressed by Devine, Gilbert and the whole Atec team, with whom we’ve been building a shared vision over an extended period, culminating in this bilateral deal.”

Devine added: “We are delighted with the investment from Perwyn. It is a ringing endorsement of the business we have successfully built and our future strategy.

“We have been highly impressed by the Perwyn team, who share in our vision to continue the organic growth trajectory we’ve been on and to accelerate our development through strategic M&A.

“I would also like to thank Kester, who have been excellent investors in the business, for supporting me to establish the right team and lay the foundations for transformative growth.”

Appointment

As part of the deal, former BGL chief executive and founder of Compare the Market Matthew Donaldson will join Atec as its new chairman.

Commenting on his appointment, Donaldson said: “Atec already enjoys a market leading position and has significant headroom for growth.

“I’m really looking forward to working with Devine and the Perwyn team to realise our ambitious goals.”

Devine added: “I’m very much looking forward to working closely with Matthew Donaldson, our incoming chairman.

“We are like-minded and he has a huge amount of experience in the UK market, having led BGL Group for a number of years. His connections and background in M&A will be of great benefit for the business and in our growth plans over the next 5 years.”