UK lower mid-market private equity firm Kester Capital has agreed to sell Atec Group, a UK manufacturer and distributor of specialist insurance products, to European private equity investor Perwyn.
According to a statement, this represents Kester Capital’s fourth consecutive exit over 4x and its eighth consecutive exit over 3x.
During its investment period, Kester Capital said that it helped Atec to build out the management team; develop its technology team and platform; broaden the platform’s product and distribution footprint; deepen its insurer relationships; and establish Arkel, a managing general agent.
In a separate statement, Perwyn said that Atec would appoint Matthew Donaldson, formerly CEO of BGL Group and founder of Compare the Market, as chairman.
Atec trades through Ceta Insurance and Arkel Underwriting and its portfolio includes brands specialising in niche leisure, household and SME cover (caravans, motorhomes, beach huts, boats, and let properties), as well as non-standard wholesale insurance. The company is led by CEO Brendan Devine and CFO Ian Gilbert.
