CBPE Capital completes acquisition of Compre
Private equity firm CBPE Capital has acquired Compre for an undisclosed sum in a deal the legacy specialist said will give it the increased financial muscle to grow the business.
CBPE said it will support the continued growth of Compre, with significant additional capital available for the acquisition of European insurance carriers and the transfer of legacy portfolios.
The existing management team, led by Nick Steer, comprises Will Bridger, Rhydian Williams and Dr Hubertus Labes, will remain in place. Mathew Hutchinson and Richard Thompson from CBPE have also joined the board.
The management team has also been strengthened by the appointment of Paul Matson as group chief financial officer (CFO). Matson was previously CFO of Giles Insurance Brokers.
Tom Colraine, formerly CFO of AIG Europe, will chair the board. Colraine, who was also previously CFO of Willis, will bring significant experience of the global insurance industry to Compre.
Nick Steer, chief executive officer of Compre, said: “We are delighted to announce the completion of this landmark transaction for Compre and to have secured the backing of CBPE. Our new investment partners provide Compre with significantly increased financial muscle to grow and build our business in Europe.
“Compre has a series of new acquisitions that we have signed or are finalising so the timing could not be better. We are also delighted that both Paul and Tom are joining the business; they will bring a wealth of experience and new ideas to Compre at a time when the run-off market is opening up.
“We look forward to working closely with CBPE to strengthen Compre’s position as one of Europe’s leading independent legacy consolidators.”
