Palatine Private Equity has completed the secondary buyout of infra and property assurance services provider CET UK.
The investment was made from Palatine’s Fund III, which it closed on £220m in June 2015.
Financial details of the deal were not disclosed, although Palatine typically targets mid-market companies with investments ranging in size from £10m to £30m.
The property assurance arm of CET provides specialist claim response, property risk investigation and issue mitigation services for the UK insurance claims sector.
CET’s infrastructure division operates from a nationwide network of regional offices and testing laboratories, providing materials testing and inspection services.
Palatine said its investment would allow CET’s property assurance business to develop new tech to streamline the claims management and investigation process, while the infrastructure business plans to roll out additional testing facilities across the UK to capitalise on the growth within the sector.
Palatine will also support the on-going buy-and-build strategy for the both divisions, broadening service capability and geographical reach.
Richard Thomas, head of Midlands at Palatine, said, “The business has a number of exciting opportunities across both of its core operations.
“Under Peter’s stewardship, CET has developed immensely, and we are delighted to be supporting Peter and his team with their future growth plans.
“Part of these growth plans will include a buy and build strategy across both sides of the business.”
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