Hines Associates (“Hines”) acted as exclusive financial adviser to the Shareholders of Moorhouse Group Limited (“Moorhouse”) on its sale to Right Choice Holdings Limited (“Right Choice”). The transaction completed on 6th August 2021.
Moorhouse Group is a market-leading broking house, having developed an exceptional range of products and services that are comprehensive, flexible and dedicated to the SME sector. Based in Caerphilly, Moorhouse Group distribute products to commercial customers digitally under the Constuctaquote.com brand as well as wholesaling through regulated Insurance Brokers and in person through a Team of trusted advisors.
Moorhouse Group, established in 1990 by founder Lyndon Wood, will become a sister company to Bennetts Motorcycling Services Limited (“Bennetts”) and Right Choice Insurance Brokers (“RCIB”) under the Right Choice Holdings umbrella.
The acquisition of Moorhouse/Constructaquote.com is another important step-change in the growth trajectory of Right Choice Holdings, who target acquisitions with sector specialisms who offer differentiated products with capabilities and teams that complement one another.
Mike Joseph, CEO of Right Choice Holdings, said: “I am really excited to be welcoming Lyndon, Linda and the Team to our business. The Moorhouse Group is well known and respected in the commercial insurance marketplace and the contractaquote.com brand gives us huge opportunities to grow and develop online distribution for SME customers. It has been great to get to know the Moorhouse Management through this process and we thank the Team for their help in facilitating a smooth transaction as we do the Advisers at Hines Associates and our Legal Team at Stephenson Harwood.”
Ian Owen, Chairman of Right Choice Holdings, said: “At Right Choice Holdings, our philosophy is to be the best home for niche insurance businesses where we can leverage expertise across our group to supercharge their growth. Adding the considerable expertise of the Moorhouse Team in the commercial sector breaks exciting new ground for us and we are thrilled to have the opportunity to work together to further develop the proposition in this specialism”.
Lyndon Wood, CEO and Founder of Moorhouse commented: “We are 31 years old and have been at the forefront of technology in insurance for over two decades, with several global firsts. Selecting Right Choice Holdings as the acquirer was an easy decision. We wanted to exit to a company with strong customer and employee values, who had a clear sense of direction, supported with an experienced top team. I wanted to leave a legacy and do right by our customers, our local community, Wales, our employees and business. I am looking forward to the continuation of our journey and working with the expanded team, exciting times.”
Lyndon added: “We chose to work with Hines because of their expertise in financial services. Their deep insurance sector knowledge, understanding of our nuanced business and commitment to the project was spectacular and meant I could rest assured that we were in the best possible hands throughout. Hines had been working with us for over six months before going to market – this enabled them to add significant value to the business ahead of the sale process, which even included sourcing a high-quality temporary FD through their extensive network! The due diligence and legal process was every bit as intense as I had been warned but I must say that having the Hines team on my side of the table took a lot of the pressure away – the mutual respect between sell and buy-side advisers ensured a well negotiated deal for all parties and now I look forward to the onwards journey with the Right Choice family.”