CBPE Capital, the owner of popular dining chain Cote Restaurants, yesterday snapped up a controlling stake in UK insurance company Compre.
CBPE has bought the business, based in the UK but with operations in Germany, Switzerland and across the Nordic region, from Milestone Capital Partners.
Compre specialises in buying non-life insurance and reinsurance business in the run-off stage and is led by chief executive Nick Steer, who will remain at the helm following the CBPE investment.
“With CBPE, Compre has significantly increased firepower to grow and build its business in Europe,” Steer said.
CBPE’s Mathew Hutchinson and Richard Thompson will join Compre’s board as part of the deal.
“Compre operates in a complex but niche market, which is set for consolidation,” Hutchinson said.
CBPE is the former private equity arm of Close Brothers Group.