M&A Deal Summary

Insurance Australia Group Acquires ERS Insurance

On January 8, 2007, Insurance Australia Group Ltd. acquired insurance company ERS Insurance from Duke Street Capital and Bregal Investments LLP for 570M GBP

Acquisition Highlights
  • This is Insurance Australia Group’s 1st transaction in the Insurance sector.
  • This is Insurance Australia Group’s 2nd largest (disclosed) transaction.
  • This is Insurance Australia Group’s 1st transaction in the United Kingdom.
Investment Fate
  • ERS Insurance was divested to a financial buyer in 2013.

M&A Deal Summary

Date 2007-01-08
Target ERS Insurance
Sector Insurance
Buyer(s) Insurance Australia Group Ltd.
Sellers(s) Duke Street Capital
Bregal Investments LLP
Deal Type Add-on Acquisition
Deal Value 570M GBP

Target

ERS Insurance

London, United Kingdom
website
ERS Insurance is a Lloyd’s underwriting business (Syndicate 218), which has been a leading motor insurer for more than 60 years, providing quality commercial insurance solutions to customers in the United Kingdom. ERS offers a diverse range of insurance for private cars, classic cars, vans, motorcycles, taxis, minibusses, fleets, haulage, and agricultural vehicles.

Search 163,065 Deals Now

SEARCH BY

  • Buyer Type (PE or Strategic)
  • Deal Size ($10M to $10B+)
  • Sector (60 Sectors)
  • Deal Type
  • Geography
  • & More

Try For Free 7-Day Free Trial

Buyer(S) 1

Buyer

Insurance Australia Group Ltd.

Sydney, Australia

website


Category Company
Founded 1925
SectorInsurance
Employees13,500
Revenue 8.9B AUD (2020)
DESCRIPTION

IAG is the parent company of a general insurance group with controlled operations in Australia, New Zealand, Thailand and Vietnam, employing over 13,500 people. Insurance Australia Group was founded in 1925 and is based in Sydney, Australia.


DEAL STATS #
Overall 1 of 3
Sector (Insurance) 1 of 3
Type (Add-on Acquisition) 1 of 2
Country (United Kingdom) 1 of 1
Year (2007) 1 of 1
Size (of disclosed) 2 of 2
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-06-30 HBF Holdings Pty Ltd.

Perth, Australia

HBF Holdings Pty Ltd. is a distributor of general insurance products such as home, car, and travel insurance.

Buy -

Seller(S) 2

SELLER

Duke Street Capital

London, United Kingdom

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1988
PE ASSETS 2.5B EUR
SizeLarge
Type Sector Agnostic
DESCRIPTION

Duke Street Capital is a European private equity firm that targets investments in mid-market UK and French businesses valued between £50 - £250 million. Duke Street looks to build companies through organic growth and acquisitions. Sectors of interest include business services and outsourcing, retail and consumer, food, industrial, healthcare, leisure, and financial services. Duke Street Capital was founded in 1988 and is based in London with an additional office in Paris.


DEAL STATS #
Overall 17 of 41
Sector (Insurance) 1 of 1
Type (Add-on Acquisition) 4 of 16
Country (United Kingdom) 6 of 24
Year (2007) 1 of 3
Size (of disclosed) 1 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-09-27 2e2 Group Ltd.

Newbury, United Kingdom

2e2 Group Ltd. is an IT services provider offering IT infrastructure, maintenance, networking, education and other managed services. 2e2 Group was formed in 2002 and is based in Newbury, United Kingdom.

Buy £130M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-02-01 Esporta Group Ltd.

Wokingham, United Kingdom

Esporta Group is a operator of premium health and fitness clubs. Its clubs include fitness arenas and exercise studios; indoor and outdoor pools; spas, saunas, and steam rooms; vibrant restaurants and bars; health and beauty areas; and indoor and outdoor racquet facilities.

Sell £460M
SELLER

Bregal Investments LLP

London, United Kingdom

Investor Investor Investor

website


Category Private Equity Firm
Founded 2002
PE ASSETS 7.0B EUR
SizeMega
Type Sector Agnostic
DESCRIPTION

Bregal Investments LLP is a private equity firm focused on buyouts and growth capital financings of middle-market companies. Bregal Investments targets equity investments between €30 and €150 million in companies valued in excess of €75 million. Bregal is based in London.


DEAL STATS #
Overall 2 of 16
Sector (Insurance) 2 of 4
Type (Add-on Acquisition) 1 of 7
Country (United Kingdom) 1 of 9
Year (2007) 1 of 2
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-08-01 FiveTen Group Ltd.

London, United Kingdom

FiveTen Group Ltd. is a provider of staffing solutions.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-07-01 Mirror Controls International B.V.

Woerden, Netherlands

Mirror Controls International B.V. is a provider of motorised actuators for exterior automotive mirror systems. The company is a Tier 2 component specialist, supplying to the global mirror system suppliers from manufacturing operations in Ireland, Mexico and China.

Buy -