Add-on Acquisition • Insurance

ageas Acquires esure

On April 14, 2025, ageas acquired insurance company esure from Bain Capital Private Equity and HarbourVest Partners for 1.3B GBP

Acquisition Context
  • This is ageas’ 2nd transaction in the Insurance sector.
  • This is ageas’ largest (disclosed) transaction.
  • This is ageas’ 1st transaction in the United Kingdom.

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M&A Deal Summary

Date April 14, 2025
Target esure
Sector Insurance
Buyer(s) ageas
Sellers(s) Bain Capital Private Equity
HarbourVest Partners
Deal Type Add-on Acquisition
Deal Value 1.3B GBP
Advisor(s) Fenchurch Advisory Partners
Goldman Sachs (Financial)
Weil Gotshal & Manges
Norton Rose Fulbright (Legal)

Target Company

esure

Reigate, United Kingdom
esure is a motor insurer offering car, home, pet and travel insurance over the internet and by phone through the esure and Sheilas’ Wheels brands. esure was founded in 2000 and is based Reigate, United Kingdom.
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Buyer Overview 1

Buyer

ageas

Brussels, Belgium

Category Company
Founded 1824
Sector Insurance
Employees16,797
Revenue 8.5B EUR (2024)
DESCRIPTION

ageas is an international insurance group that concentrates its business activities in Europe and Asia, which together make up the largest share of the global insurance market. Ageas was incorporated in 1824 and is headquartered in Brussels, Belgium.


Deal Context for Buyer #
Overall 2 of 2
Sector: Insurance 2 of 2
Type: Add-on Acquisition 1 of 1
Country: United Kingdom 1 of 1
Year: 2025 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-02-15 ageas UK’s Commercial Lines Front Book Business

United Kingdom

ageas UK’s Commercial Lines Front Book Business helps in maintaining strong and productive relationships with brokers and customers, prioritizing excellent underwriting, service and value by providing ongoing support and service delivery.

Sell £48M

Seller Profiles 2

SELLER

Bain Capital Private Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1984
PE ASSETS 44.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Bain Capital Private Equity (BCPE), is the private equity investment arm of alternative asset management firm, Bain Capital. BCPE targets leveraged buyout and growth capital transactions in a wide variety of industries including information technology, communications, media, healthcare, industrial/manufacturing, retail/consumer, and financial services. Bain Capital is based in Boston with additional offices in New York, London, Mumbai, Hong Kong, Shanghai, Tokyo, and Munich.


Deal Context for Seller #
Overall 151 of 152
Sector: Insurance 1 of 1
Type: Add-on Acquisition 41 of 41
Country: United Kingdom 8 of 8
Year: 2025 3 of 4
Size (of disclosed) 14 of 45
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-04-08 HealthEdge

Burlington, Massachusetts, United States

HealthEdge is a provider of modern, disruptive healthcare IT solutions that health insurers use to leverage new business models, improve outcomes, drastically reduce administrative costs, and connect everyone in the healthcare delivery cycle. HealthEdge was founded in 2005 and is based in Burlington, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-08-13 HSO

Amsterdam, Netherlands

HSO is a technology and professional services company, delivering successful business transformation using Microsoft cloud business applications, data, and analytics to improve the results of our customers. HSO is based in Amsterdam, Netherlands.

Buy -
SELLER

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1978
PE ASSETS 147.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HarbourVest Partners, LLC is an investment firm that makes investments in new private equity partnerships, acquires secondary interests, and makes direct investments in operating companies. HarbourVest's largest investment area is investments in private equity funds, comprising of approximately 2/3 of HarbourVest's assets. HarbourVest's direct investment group looks for investments in growth oriented businesses at a variety of stages. The Group generally targets co-investments of $5 to $100 million, growth capital financings of $5 to $40 million, or mezzanine commitments of $5 to $20 million. Sectors of interest include software, hardware, data communications, telecommunications, and financial services. HarbourVest was formed in 1997 to assume the business of Hancock Venture Partners which was formed in 1982. HarbourVest Partners is based in Boston, Massachusetts, with additional offices in London, Tokyo, and Hong Kong.


Deal Context for Seller #
Overall 148 of 150
Sector: Insurance 5 of 6
Type: Add-on Acquisition 62 of 62
Country: United Kingdom 11 of 11
Year: 2025 2 of 4
Size (of disclosed) 15 of 43
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-04-03 smartTrade Technologies

Aix-en-Provence, France

smartTrade Technologies is an automated trading platform that enables fast access to a wide range of liquidity for Foreign Exchange (FX), Fixed Income, Equities, Cryptocurrencies, and Derivatives. These solutions connect to numerous liquidity providers, aggregation, smart order routing, order management, pricing, distribution, risk management capabilities, and an HTML5 user interface. smartTrade Technologies was formed in 1999 and is based in Aix-en-Provence, France.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-05-08 Aspen

Hamilton, Bermuda

Aspen is a provider of reinsurance and insurance coverage to clients in various domestic and global markets through wholly-owned subsidiaries and offices in Australia, Bermuda, Canada, Ireland, Singapore, Switzerland, the United Arab Emirates, the United Kingdom, and the United States. Aspen was founded in 2002 and is based in Hamilton, Bermuda.

Sell -