IMAS acted as the sole financial adviser to Wheatley Wright Insurance Services Limited and Online Risk Solutions Limited (“WWGroup”) on their sale to PIB Group Limited.
Wheatley Wright Group specialise in the construction sector and has approximately 30 employees. Having established WWGroup in 2003 Nick Wright (Managing Director) has developed the business through disciplined organic development with a strong focus on sustaining the client insurer relationship. Steady underwriting results, delivered through knowledge of the clients and sector needs, allowed the development of ORS with delegated underwriting authorities with insurers.
IMAS built its relationship with the main shareholder, Nick Wright, following a referral from a previous client and by providing Nick with the necessary insight into what a potential transaction might involve, the sensitive points that would need to be addressed and of course potential value. As a business owner who built the business organically and with support from friends, Nick needed to be able to rely upon IMAS to provide a full advisory and support service. Being in his late 30’s Nick was looking for an investor where he could develop a wider career once he had integrated his business with theirs.
IMAS was able to provide a wide and detailed insight into the investor market, differentiating between those where he was more likely to be able to develop a career from those who, while fully valuing the companies, might not necessarily be a longer-term home for Nick and his team. As an owner manager Nick was not able to call upon a pool of people to assist him with the arduous process of due diligence and IMAS were able to provide the necessary support to enable many of the answers to detailed questions to just require his sign off so that he could concentrate on the business and its continued growth.
Nick Wright, Managing Director of WWGroup said:
“This is an exciting opportunity for myself and the team to be joining PIB Group. With the wealth of experience in the management team combined with the support and resources available, I fully expect to accelerate our firm’s ambitious growth plans and be able to capitalise on the wider opportunities available to both WWGroup and PIB through collaboration.”