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.