PIB Group, a rapidly growing insurance intermediary in Europe, has decided to step back from takeover talks and has instead secured £400 million in debt financing to fuel its expansion plans. This announcement was made on Thursday, July 10, 2025.
The company’s decision marks the end of a lengthy strategic review led by its private equity sponsors, Apax Partners and The Carlyle Group. Earlier this year, PIB attracted interest from various trade buyers, with Gallagher being a leading contender for acquisition. However, despite reaching advanced discussions, a deal did not materialize.
Brendan McManus, PIB’s CEO, expressed enthusiasm about the new financing, stating that it will provide the company with significant resources to pursue growth as a focused insurance broker in European markets. He emphasized PIB’s ambition to create a unique insurance distribution platform across the continent.
This move comes amid ongoing consolidation in the insurance broking industry, where both strategic and private equity investors are vying for greater scale and geographical reach. PIB had initially sought a private equity buyer through an Evercore-led process in early 2024, but the response was lukewarm, leading to a shift towards trade buyers. Gallagher and Brown & Brown (Europe) were among the potential acquirers, with Gallagher reportedly close to finalizing a deal at one point.
Rather than pursuing a sale, PIB is now committed to growing under its existing ownership structure. Apax acquired a majority stake in PIB from Carlyle in 2021, while Carlyle retains a minority interest. Apax has indicated its intention to accelerate PIB’s growth through acquisitions in fragmented European markets.
Both Apax and Carlyle expressed their commitment to investing in PIB to drive future growth and create value. PIB’s preference to remain private is likely influenced by its successful acquisition strategy, having completed over 70 acquisitions since its founding in 2015, including several in Spain, Ireland, the Netherlands, and Germany.
In the first half of its 2024 financial year, PIB reported an adjusted EBITDA of £74 million, marking a 9% increase from the previous year. Revenue during the same period reached £234 million, up 6% year-on-year.
The new debt financing is expected to support PIB’s ongoing mergers and acquisitions, as well as internal development across its European operations. Lenders have shown confidence in PIB’s cash flow and acquisition track record, making the financing package well-received.
While a sale is currently off the table, industry experts believe PIB could still be a target for mergers and acquisitions in the future, especially if it continues to grow in continental Europe. For now, PIB is focused on both organic growth and strategic acquisitions, aiming to establish itself as one of Europe’s leading independent brokers.