Specialist broker CETA in PE-backed management buy-out

Technology-enabled broker CETA Insurance has completed a management buy-out (MBO), backed by private equity firm Kester Capital.

The Oxfordshire-based broker’s existing shareholders – managing director David Quick and fellow directors Adrian Waters and Sandie Schofield – will retire from the business.

SwiftCover founder and former chief executive Andrew Blowers (pictured), previously a CETA non-executive director, has been named CETA’s new chairman, and John Bibby has been named chief executive.

James Thomson has become chief operating officer and Andy Elston has been named chief financial officer.

James O’Hara and Luke Sims-Wilson will continue in their senior management roles at CETA. Paul Yates continues as a non-executive director.

Specialist broker CETA said that the new private equity backing from Kester Capital will allow it to further develop its in-house IT platform and grow organically and through acquisitions.

Kester Capital partner Cameron Crockett said: “We were very impressed by the ability of CETA to respond quickly to changing customer requirements in terms of connectivity, product, service and process. The in-house IT platform is truly agile and provides a great opportunity for growth.”

Blowers said: “Having worked with the business as a non-executive director for the past two years I am convinced that the business is extremely well placed to capitalise upon the developing requirements of today’s insurance buyer.”

Bibby said: “David and the team have created a strong business that we will manage very carefully to ensure that we build upon the legacy. We will be focused on growing the business by leveraging the industry leading IT platform both organically and through selective acquisitions that fit within the operating footprint.”

Outgoing managing director Quick added: “Myself, Adrian Waters and Sandie Schofield have built a fantastic very profitable business over the last 24 years and we are very happy to pass it on to an excellent team who will take it on to even greater heights in the future.”