Private equity firm Inflexion has boasted a double buyout this morning, as it announced the acquisition of Bollington Insurance Brokers and Wilsons Insurance Brokers.
The UK-focused firm also added that it would merge the two companies to create Bollington Wilson Group, which will generate annual gross written premiums in excess of £120m.
Both Bollington and Wilsons offer commercial and personal insurance, with a focus on niche products across the vehicle, travel and home sectors.
“There are many opportunities across commercial and personal insurance broking that can be enhanced by increased scale. The merger of Bollington and Wilsons creates a compelling platform from which to realise those opportunities,” said John Wilson, who previously led Wilsons and will now take the role of chairman at Bollington Wilson Group.
Former Bollington chief executive Paul Moors will continue as CEO of the newly combined business.
The deal was made from Inflexion's £650m fourth buyout fund. Inflexion's smaller Enterprise Fund recently acquired Virgin Experience Days, while its Partnership Capital Fund has supported UK fashion brand Jack Wills.
“Our team spotted this compelling merger opportunity and navigated through a complex transaction process,” said Inflexion managing partner Simon Turner.
“Leading discussions with the ambitious management team of each business, we shared a vision for accelerated growth under this new structure.”
Inflexion will support the group in making more add-on acquisitions, which it said will increase the range of products and the choice of blue-chip insurers available to customers.