Penta Capital

Our role

Investec has acted as buy-side M&A adviser to Penta Capital (“Penta”) and on its acquisition of a majority stake in InsureTec Group (“InsureTec”), a leading UK specialist insurance intermediary focused on van, fleet and SME insurance. Investec were an existing lender to InsureTec, and we followed on our position into the LBO debt facilities as well as providing treasury and risk management solutions to support the transaction.

The investment from Penta will support management in building out its SME proposition in serving over 140,000 policyholders as the UK’s leading specialist van insurance provider, alongside pursuing future M&A.

This bilateral transaction builds on Investec’s longstanding relationship with InsureTec, following the debt recapitalisation we supported in July. Our deep understanding of the business, specialist insurance sector expertise and integrated advisory, financing and treasury capabilities positioned us to help Penta deliver the acquisition, demonstrating how we support businesses, their investors and the people behind them across both business and personal banking needs. We look forward to working with Penta and the management team through the next phase of growth.

Steven Scott, Founder at Penta, commented: “Investec’s longstanding knowledge of InsureTec and deep understanding of the insurance sector were instrumental in helping us deliver this bilateral acquisition. The team brought commercial judgement, commitment and an ability to bring together advice and financing expertise throughout the transaction.”

Joel Connelly, Group Chief Executive Officer at Business Insurance Solutions, commented: “Investec has built a strong understanding of our business, our people and our ambitions over many years. Following the debt recapitalisation in July, the team has again demonstrated its commitment and its ability to support us at important stages in our development. We are excited to begin our next chapter with Penta and to continue working with Investec as we build on our growth.”

Sean Crookes, Head of Financials M&A Advisory at Investec, commented: “InsureTec’s growth demonstrates the strength of its specialist proposition and the opportunity for technology and data to reshape insurance distribution. Our longstanding relationship with the business, together with our insurance sector expertise, uniquely positioned us to advise Penta on this acquisition. This is a significant transaction in specialist insurance distribution, and we look forward to working with Penta and the management team through the next phase of growth.”

Matthew Elwood, Direct Lending at Investec, commented: “We are delighted to build on our existing support for InsureTec by financing Penta’s acquisition. Our familiarity with the business and Penta enabled us to provide a financing package that supports both the transaction and, more importantly, its continued growth. Working closely with Penta, our advisory and treasury colleagues, we brought together the expertise and capital to support this next chapter for InsureTec.”