U.K.-based managing general agency Avid Insurance Services Ltd. sold a majority stake to Beech Tree Private Equity.
The deal has received regulatory approval and the consideration is undisclosed. Avid Insurance Managing Director Stephen Gibson said the investment will boost organic profitable growth and also enable the company to acquire new underwriting teams.
Gary Edmondson, a director and co-founder of Avid, will leave the business as part of the deal. Avid operates in the travel, social housing and council leasehold markets, and works as a Lloyd's of London broker and coverholder, writing over £40 million of gross written premium.
Dow Schofield Watts served as financial due diligence adviser, DLA Piper acted as legal adviser, PwC was tax adviser and KPMG served as corporate finance adviser to Beech Tree. RSM acted as corporate finance adviser, Trowers and Hamlins was legal adviser and RSM served as tax adviser to Avid Insurance.
