FTSE 100 business outsourcing firm Capita is to buy specialist insurer Fish Administration for £21m on a cash free, debt free basis.
Fish provides insurance products to people with disabilities, including cover for adapted vehicles, travel, and mobility scooters, as well as insurance products to the independent living and care sectors
Its operating profit for the 12 months ended May 2011 was £3.5m on a turnover of £5.8m.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Capita said the the acquisition from private equity firm Inflexion would add greater capacity and new expertise to its specialist insurance broking business.
"Fish is the market leader in the field of providing insurance broking services to the independent living and
disability markets," said Paul Pindar, Chief Executive of Capita.
"Backed by Capita, and alongside our existing specialist insurance broking business, we anticipate strong potential for growth in the motor, travel, independent living and carer insurance markets, enabling us to
take the business from strength to strength."
Preston-based Fish will add 30 people to Capita's roster of 45,000 employees.
-
Will Comstock crash – or soar?Opinion The upside for Comstock, a solar panel-recycling and biomass-refining group, dwarfs the downside, says Dominic Frisby.
-
Can new management turn RIT Capital around?After several years of poor performance, there is growing evidence that RIT has turned the corner, says Max King
