Date
12 Oct 2023Category
Azets Ireland (previously O'Connor Leddy & Holmes) is delighted to have advised Munstergroup Insurances and Financial Limited (“Munstergroup Insurance”) in their acquisition by Campion Insurance (“Campion”) which leads PIB Group Ltd’s (“PIB”) Irish division. The well-established, Clare-based Insurance broker is the second largest Irish acquisition to date and the 19th Irish brokerage acquired by PIB.
The Corporate Finance team was led by David Lucas and Conor O’Rourke. Ciaran O’Boyle and Teodora Puiu of Dentons acted as legal advisors to Munstergroup Insurance, while Fergal Cahill and Gerard Finucane of Deloitte acted as tax advisors.
Pádraic McNicholas, CEO of Munstergroup Insurance commented:
“It was critical for me to sell the business to a company whose vision and values clearly align with that of Munstergroup Insurance. As a long-time admirer of the PIB Group I believe we have found a company whose guiding principles are very much aligned with our own core behaviours. It is for these reasons why I personally believe that this acquisition was the best option for our customers, staff and Munstergroup Insurance. Finally in welcoming Michael to Munstergroup Insurance I wish him well and also express a sincere thank you to all the staff and customers for their help and commitment to Munstergroup Insurance and all those who supported me over my thirty five year career in the Insurance Industry. Together we built a market leading business and I am very proud of it and all the Team for getting it to this point and I wish you all every success for the future”.
We were advised by David Lucas and Conor O’Rourke at Azets Corporate Finance on the transaction. David & Conor provided expert advise throughout managing all aspects of the sale from offer through DD and into execution. I couldn’t recommend them more highly; they were always available and were thoroughly professional throughout the process ensuring our best interests were represented.”
Ciaran O’Boyle, Partner Dentons and his team represented Munster on the transaction from a legal perspective and Deloitte from a Tax perspective.
Matt Cole and his team at DLA Piper acted as legal advisors to PIB while David Connolly at PwC provided financial and tax due diligence.
Jim Campion, CEO of Campion Insurance, commented:
“I am delighted that Munstergroup Insurance is now part of Campion Insurance and PIB Group. The business was highly sought after, and I am delighted that we have successfully completed the purchase. I am very impressed by the skill, commitment, and ambition of the people in the business, and I am looking forward to working with them into the future. Now that they are part of Campion Insurance and PIB we will be able to support the business as it grows giving people the opportunity to reach their potential. Padraic and I have known each other for a long time, and I would like to wish him every success as he steps back from the business to pursue other personal goals. I am delighted to announce that from today Michael Henchy will lead Munstergroup Insurance.”
Azets Ireland acted as corporate finance advisors to the shareholders of Munstergroup Insurance.
David Lucas, Partner at Azets Ireland commented:
“This was a particularly pleasing transaction to get closed. Munster Insurance Group is a superb business, one of the top performers in the Insurance sector. This is a credit to Managing Director Padraic McNicholas and his management team. This is a very well run business which is continuing to grow and is a superb acquisition for the PIB Group. I’d also like to wish the combined group continued success. Many thanks to PIB and their advisory team for all their efforts on the transaction. I’d like to wish Padraic the very best for the future. “Up the Banner”
About Munstergroup Insurance
Munstergroup Insurance based in Ennis, County Clare, is a leading brokerage providing insurance cover across a wide range or sectors: homes, cars, vans, businesses, and farms. The financial services team within Munstergroup Insurance provide Health Insurances for individuals, families and offer additional advice and assistance in the pensions and investments area.
About Campion Insurance
Campion Insurance was established in Urlingford, Co. Kilkenny in 1984 by Jim & Margaret Campion. Since then, it has grown into one of Ireland’s largest brokers, with offices nationwide. The business was acquired by PIB Group in 2021, and Campion Insurance is now PIB’s lead brand in the Irish market. This combination of local knowledge and international strength has enabled Campion Insurance to accelerate its growth in the marketplace.
About PIB Group
PIB is a dynamic and diversified independent specialist insurance intermediary which is experiencing rapid acquisitive and organic growth. Launched in 2015 by Brendan McManus, PIB has grown rapidly through acquisitions and by employing outstanding individuals with a wealth of knowledge and experience in the insurance market. PIB Group offers a range of specialist teams, products, and services to clients and has offices throughout the UK, Channel Islands, Ireland, Germany, Italy, Poland, Denmark, Spain and the Netherlands. Backed by world leading private equity firms, Apax Partners and The Carlyle Group. It is headquartered in London. In FY22, it recorded a turnover of c. £404m, which converted to an EBITDA of c. £32.7m.
