Erskine Murray Limited (“EML”) is a leading Midlands based insurance brokerage, employing over 90 people across four locations. The business is renowned for its diverse, national client base having acquired Willis’ Commercial UK SME business in 2013 and used that as a platform to grow into a £40m+ premium business today. EML specialises in arranging insurance for corporate clients and SMEs, personal cover for private clients and high net worth individuals, and employee benefits.
PIB Group Limited (“PIB”) is a leading UK insurance broking consolidator with a strong sector focus in specialist areas such as real estate, professional risks, motor trade, care faith and charity, leisure, employee benefits, corporate insurance and risk management solutions. Launched in 2015, PIB has grown strongly, both organically and through acquisition, and currently employs over 1,300 people across 45 offices in the UK and Ireland. This transaction marks PIB’s 33rd acquisition to date.
Hines was retained by Bartleet Enterprises Limited in May 2020 to advise and assist on a sale process to maximise value for the shareholders, while finding a new owner to continue with the development of the business and its employees.
Hines’ role included:
- Advising the shareholders on sale strategy and tactics
- Positioning the business for sale and assisting in the preparation of marketing materials
- Identifying prospective buyers and selecting the right buyer to deliver on the shareholders objectives
- Conducting a tailored synergy assessment for the identified buyer, with a view of maximising shareholder value
- Leading commercial negotiations with PIB and enshrining them in a Heads of Terms
- Coordinating a full due diligence process across various work streams, which included the creation and review of information for the buyer
- Producing net debt, net working capital and shareholder proceeds schedules
- Ensuring that legal documentation accurately captured the commercial terms agreement and remaining fully engaged to completion
Tom Bartleet, Founder and CEO of Erskine Murray Limited commented:
“I chose to work with Hines because of their expertise and commitment to the insurance sector. Having been somewhat sceptical of corporate finance advisers it was good to have received significant value. Hines take pride in their senior adviser model and they absolutely followed through – Dilipe was dedicated to me and my business from the very first to last minute and always had my best interests at heart.”
If you have any questions regarding the transaction, how to prepare your business for sale in the current market or trends in financial services M&A please contact us: