Jamieson is pleased to announce it has advised the management team of PIB Group on its acquisition by Apax Partners. Funds advised by The Carlyle Group, will re-invest for a minority stake. The financial terms of the transaction (which is subject to applicable regulatory approvals) were not disclosed. PIB’s executive management team, led by Chief Executive Officer Brendan McManus and Chief Financial Officer Ryan Brown, will continue to lead the business following the acquisition.
PIB has been an important client for Jamieson since the team advised on the original investment with Carlyle in 2016 when the business was in its infancy and on several occasions through their journey.
The business was launched in 2015 and has grown significantly during Carlyle’s ownership, both organically and through acquisitions. Today it is a highly diversified insurance distribution consolidator focusing on specialist commercial lines and non-standard personal lines products with deep expertise across both direct and B2B distribution through its broking, underwriting and network divisions. Since launch, PIB Group income has risen from nil to approximately £175m on a pro-forma basis in 2020. The company employs over 2,000 employees in the UK, Channel Islands, Ireland, Germany, Poland and India.
“I would like to thank Ian, John, and David who have expertly supported us on our new deal with Apax. They have been an invaluable sounding board and professional resource for the team since brokering the original Carlyle deal 5 years ago”
Brendan McManus, CEO
The Jamieson team led by Ian Jamieson, John Greenland and David Kirkpatrick has advised PIB management since 2016.