Markerstudy Group Announces Purchase of Brightside Group
Markerstudy Group has acquired Brightside Group, subject to regulatory approval, from private equity investor AnaCap Financial Partners in its first strike of 2021. This follows the Group’s completion of the purchase of the Co-op Insurance underwriting business in December 2020 and investment by Pollen Street Capital and Qatar Insurance Company in January this year.
Kevin Spencer, Markerstudy Group CEO, said: “We were in the running for Brightside seven years ago but lost out to AnaCap. In the intervening years, we’ve observed the business with interest and developed an excellent working relationship with the team. Due to our multifaceted operation, Brightside presents us with the opportunity to expand our product range, and further develop our broking businesses. Coincidentally, both Markerstudy and Brightside were founded in 2001, and, similar to our early strategy, Brightside specialises in providing niche insurance across a wide range of personal lines and commercial products.”
The acquisition brings another powerful strand to the Markerstudy Group, adding in excess of £125m GWP, and affirming their new partners’ belief in their dynamic buy and build strategy.
Brendan McCafferty, CEO of Brightside Group said: “We are delighted to be joining Kevin and the Markerstudy Group, a business we have been close to and respected for a long time. We are excited about the opportunities this will create for the business and our people and look forward to supporting their strategy for growth.”
Markerstudy were advised by HFW. AnaCap were advised by KBW and Proskauer Rose.