Browne Jacobson advised the management team at Stoke–on–Trent based insurance broker Autonet Insurance Services in connection with their ongoing investment in the business withHPS Investment Partners.
The deal will give the specialist car and van insurance broker investment and growth potential while preserving key members of its existing management team.
Founder Glynn Keeling will exit the business whilst managing director Ian Donaldson and finance director Craig Ball will retain a stake and continue to lead the company.
Autonet Insurance was established in 1998 and has since grown into one of the UK’s leading independent van insurance brokers employing over 700 staff and has 340,000 live policies.
New York based HPS Investment Partners was established in 2007 and is a leading global investment firm specialising in private equity, debt, and mezzanine investments. It was originally formed as a unit of Highbridge Capital Management LLC, a subsidiary of J.P. Morgan Asset Management.
Ian Donaldson said:
“We’re delighted to have the support of HPS. We’ve had numerous approaches to sell Autonet. This is the one that turned our head because it gives us long term backing for our next phase of growth and is a great opportunity for the business and our staff. The team at HPS share our ‘Planet Autonet’ values to be passionate, loyal, ambitious, nimble, expert and trustworthy.”
Gavin Cummings led the Browne Jacobson team advising management.