Atec Group in strategic M&A with European private equity backer
European private equity investor Perwyn has acquired insurance distribution platform Atec Group in an off-market transaction from Kester Capital.
Atec comprises Ceta, a digital niche personal lines broker, and MGA Arkel. The company designs, distributes, and underwrites various specialist home and leisure insurance products for policyholders in the UK wholesale and retail personal lines market.
Atec is led by Brendan Devine as CEO and Ian Gilbert as CFO. Following the deal, Matthew Donaldson (pictured) will take charge as chairman of the group.
Donaldson's experience includes chairmanship at organisations such as Prima, Reassured, Three Rock Group (Dublin), and Oplo. He also boasts an 18-year tenure at BGL Group and has held directorships at Tandem Bank, Markerstudy Insurance, The Cambridge Building Society, and Arnott Century.
Devine 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.
“I would also like to thank Kester who have been excellent investors in the business, and for supporting me to establish the right team and lay the foundations for transformative growth. 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, and his connections and background in M&A will be of great benefit for the business, in our growth plans over the next 5 years,” Devine added.
Edward Lunken, investment director at Perwyn, commented: “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.”
Donaldson remarked: “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.”
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