High-profile UK insurance industry figure Matthew Donaldson welcomed as Chairman
We are delighted to announce that we have acquired Atec Group (“Atec”) in an off-market transaction from Kester Capital.
Atec is a UK-based digital distributor of specialist personal lines insurance products, led by CEO Brendan Devine and CFO Ian Gilbert. The business designs, underwrites, and distributes policies in the specialist home and leisure markets on behalf of over 340,000 policyholders, including through its proprietary ‘insuremy’ and ‘compare’ portals.
We will partner with Brendan and the incumbent management team to harness Atec’s strong momentum and further strengthen its position as a leading technology and data-led specialist insurance platform, both organically and through M&A. Atec welcomes Matthew Donaldson as incoming Chairman, formerly CEO of BGL Group and founder of Compare the Market, and a high-profile figure within the UK insurance industry.
Brendan Devine, CEO of Atec, said: “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.”
Edward Lunken, Investment Director at Perwyn, said: “We have been thoroughly impressed by Brendan, Ian, and the whole Atec team, with whom we’ve been building a shared vision over an extended period, culminating in this bilateral deal. We look forward to supporting the business to even greater heights over the coming years and are particularly pleased to have Matthew Donaldson, a well-known name in the industry, join as Chairman.”
Matthew Donaldson, incoming Chairman of Atec, said: “Atec already enjoys a market leading position and has significant headroom for growth. I’m really looking forward to working with Brendan and the Perwyn team to realise our ambitious goals.”
Completion of the transaction is subject to FCA regulatory approval.
We were advised by Continuum Advisory Partners (Corporate Finance), Squire Patton Boggs (Legal), JEGI Clarity (Debt), Oliver Wyman (CDD), KPMG (Financial, Tax, & Regulatory), Partners& (Insurance), Crosslake (Tech), and Fusion Analytics (Digital).