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Apax Global Alpha acquires PIB
StockMarketWire.com
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Private equity advisory firm Apax Global Alpha said Apax X Fund, in which the company is a limited partner, announced that it had entered into a definitive agreement to acquire the PIB, an independent specialist insurance intermediary.
On a look through basis, Apax Global Alpha was expected to invest approximately €20 million in the company, with the transaction expected to close in the first half of the year.
PIB Group income had risen from nil to approximately £175 million on a pro-forma basis in 2020 in five years. The company employs over 2000 employees in the UK, Channel Islands, Ireland, Germany, Poland and India.
'The acquisition by Apax X will help PIB continue its impressive growth trajectory, both organically and through accelerating strategic M&A to continue its domestic and international expansion,' Apax Global Alpha said.
Story provided by StockMarketWire.com
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