IMAS acted as the sole financial adviser to Fresh Insurance Services Group Limited on its sale to NSM Insurance’s UK arm, Vantage Holdings.
Fresh Insurance Services Group is a multi-award winning, digitally driven personal lines insurance broker. Established in 2002 it has focused on the more difficult, higher risk niches of the motor and household markets, applying excellent technical skills and analysis to achieve high quality underwriting results. With motor brands focused on telematics based and higher risk insurance covers and household, van and motor trade insurance operating it operates with six niche brands.
IMAS built its relationship with the founder, Lisa Powis, from the Company’s early days, providing market knowledge and strategic advice. Encouraging the development of a full management team and keeping the business focused on its core niches meant that by the time Lisa was ready to contemplate an exit there were a number of options open to her and the management team.
IMAS’s role involved exploring management’s ambitions and matching this with investors’ interests, while keeping the potential transaction confidential. With an ambitious management team there was keen interest in being able to develop the business going forwards and thus our role was to develop and build the business’ collateral, including detailed financial models, so that the potential investors could readily see the strength of proposition and management’s achievements to date.
When we introduced investors there was the challenge of managing managements’ ambitions with the broader arena of those investors’ strategy and interests. Having been responsible for two call centre locations and multiple brands, the management team were very well qualified to address the challenges presented by the trade investor, it was just a matter of ensuring that management saw those opportunities too.
As a very successful operator working with an aggregator based distribution model, Fresh has shown that it is not all about price but how skilfully you offer for business at prices that keeps underwriters keen for your business. Demonstrating this ability was an important factor in IMAS being able to achieve an excellent transaction for shareholders and the management.
Lisa Powis, CEO of Fresh Insurance, said:
“This is an exciting opportunity for Fresh Insurance. We share the same customer-centric values as the Vantage Group and a common goal to be the number one niche insurance broker in the UK. Vantage Insurance is a fantastic business and I believe it is an ideal fit for us.”