Private equity provides capital and non-executive expertise for managment buyout
Online temporary insurance platform Tempcover has completed a £13.3m management buyout backed by £7.5m private equity investment from Connection Capital.
The buyout fund was topped up by a £5.75m debt package from Santander UK’s Growth Capital team.
Tempcover specialises in the provision of temporary insurance cover, typically providing short term policies of 1-28 days available through customers portals, UK insurance brokers and affiliate partners.
Established in 2006, the company now claims 60% market share in its niche, writing over 360,000 policies last year.
Connection Capital has installed Peter Barrett as non-executive chairman and Christian Young as a non-executive director.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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