Top 20 insurance broker, Brightside Group, has been sold to funds advised by AnaCap Financial Partners LLP, one of the largest specialist private equity investors in the European financial services sector.
Brightside was advised by the Penningtons Manches London corporate team led by corporate partner Matt Martin who has acted for the company since its IPO on AIM in September 2006. Martin also advised on Brightside’s reverse takeover of Group Direct Limited in 2008; an institutional placing in 2009; and a further placing in early 2014.
The transaction, which has taken Brightside back into private ownership, ranks at number six in the biggest Public M&A deals in 2014. The Penningtons Manches team also included Melvin Pedro, Stephen Goldstraw, Thomas Phillips and Emma Howes.
With almost 1,000 employees, Brightside’s operating subsidiaries include Group Direct Limited, Injury QED Limited, Commercial Vehicle Direct Insurance, and Panacea Finance Limited. In June 2014, its market value was £120.4 million.
Commenting on the sale, Brightside’s Group Chief Operating Officer, James Jones, said: “We have worked with Matt and his team since our IPO and they have always been highly responsive, quick to turn things round, and on their toes to identify and resolve any unexpected issues that arise.
“Matt’s understanding of how our business works is invaluable to us as it enables him to tailor his legal advice to meet our specific commercial and operational objectives. Throughout our longstanding relationship with Penningtons Manches, we have always valued their competitiveness when it comes to fees.”