PE firm acquires minority stake in broker Seventeen Group

Private equity (PE) firm IK Partners has agreed to a deal to acquire a minority stake in broker Seventeen Group.

The funds from the deal will be used to help Seventeen Group accelerate growth, enhance innovation and leverage technology to capitalise on opportunities in new and existing markets.

Financial terms were not disclosed.

In a joint statement, Seventeen Group’s executive chairman Paul Turner and chief executive Paul Anscombe said that “this long-term investment reflects the conviction in our strategy”.

“Seventeen Group is proud to be the UK’s longest-serving independent insurance distribution group of scale,” the two bosses said.

“As we enter this next phase of growth, we are delighted to welcome the team at IK who share the passion and belief that our independent model provides a differentiated proposition for our clients, acquisition partners and colleagues.”

First UK insurance investment

IK Partners is a European mid-market PE firm that focuses on investments in Benelux, Dach, France, Nordics and the UK.

This transaction represents IK Partners’ first investment in the UK insurance market.

Adrian Tanski, partner at IK Partners and advisor to the IK Partnership III Fund, said: “We have been very impressed by Seventeen’s journey to date and believe that the group is well positioned to continue its strong development, off the back of its strong customer service focus, broad coverage of the value chain and longstanding expertise in the insurance broker and underwriting space.

“We are excited to work with Turner, Anscombe and their team to further develop the Seventeen Group platform and pursue consolidation opportunities in the UK and beyond.”