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AnaCap Financial backs MBO of UK’s Simply Business

18 Jul 2013

European financial services-focused private equity firm AnaCap Financial Partners has backed a management buyout of Simply Business, an online broker focused on the commercial insurance market.

Established in 2005 by parent company Xbridge, Simply Business has seen its revenues grow from £4.2m in 2006 to £22.9m in 2012.

At present the addressable UK market covers 4.8 million small businesses totalling around £3bn of gross written premiums.

The online element of this figure is forecast to grow at more than 25 per cent a year as customers continue to switch to the online purchase of insurance products.

Peter Cartwright, co-managing partner of AnaCap, said, “This is a rare opportunity to support the management buyout of a clear market leader in a fast-growing niche of the insurance industry.

“The management and staff have done an outstanding job of growing Simply Business over the past eight years and we look forward to working with Jason and his team to meet and exceed their ambitious plans for the future.”

AnaCap advises funds with €1.7bn under management across private equity and credit opportunities vehicles.

Limited partners include Goldman Sachs, Allianz, Morgan Stanley Alternative Investment Partners, Honeywell, State of New Jersey and Adams Street Partners.

In May the firm exited its investment in UK debt purchasing firm Cabot Credit Management to financial services private equity firm J.C. Flowers & Co.

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