British insurer First Central Group is considering a sale that could value the business at about $800m, people with knowledge of the matter said.
First Central Group is working with Evercore Inc. as it prepares to gauge interest from potential buyers, according to the people, who asked not to be identified because the information is private. It could kick off a sale process as soon as the second quarter, the people said.
Get the week’s top news delivered directly to your inbox – Sign up for our newsletter
The company, which employs more than 1,000 people, underwrites car insurance under the Skyfire brand and owns insurance brokerage 1st Central. First Central Group was founded in 2008 to take advantage of new ways of selling coverage to U.K. drivers following the rise of price-comparison websites. It’s led by Michael Lee, a former executive at Hastings Group Holdings Plc.
First Central Group is likely to attract interest from private equity firms, the people said. Deliberations are ongoing, and there’s no certainty they will lead to a transaction, according to the people.
Representatives for First Central Group and Evercore declined to comment.
Source: BNN Bloomberg
Can’t stop reading? Read more
Fintech meets private equity as Ardian and ROYC partner to scale European wealth reach
Fintech meets private equity as Ardian and ROYC partner to scale European wealth reach Ardian has...
KKR and Stonepeak agree £1.7bn buyout of UK healthcare landlord Assura
KKR and Stonepeak agree £1.7bn buyout of UK healthcare landlord Assura Private equity firms KKR...
Partners Group and Perpetual team up to launch hybrid public-private investment strategies
Partners Group and Perpetual team up to launch hybrid public-private investment strategies...