LONDON-based private equity firm HgCapital yesterday bought insurance broker A-Plan from Equistone Partners Europe for £300m.
Equistone backed a management buyout of A-Plan in April 2008, acquiring a 32 per cent stake in the firm. According to a person close to the deal, Equistone has made a return of 2.8 times its initial investment.
HgCapital partner Andrew Land said: “With its high levels of recurring revenue and customer retention, alongside impressive customer advocacy, we have been hugely impressed by the quality of A-Plan’s service offering. We see great potential in further developing its branch network and specialist lines.”