PIB Group (PIB) has acquired i2 Healthcare, a leading independent specialist corporate healthcare intermediary based Birmingham. The move comes 14 days after the group announced that it has acquired Lincsafe (Health & Safety) Limited.
Since 2008 i2 Healthcare has advised corporate clients on their health insurance and employee wellness requirements. Its principal areas of expertise include private medical insurance, group life insurance and income protection cover. The business has also won six major national awards over the last decade.
i2 Healthcare places premiums of around £30 million annually for over 80 public and private clients which span a variety of sectors including law, finance, construction, manufacturing and the automotive industry.
Founding directors and shareholders, Paul Brantingham and Simon Derby, will continue as directors of the business following completion of the deal.
Paul Brantingham, commented: “Joining PIB is an important milestone in i2 Healthcare’s ten year history and is a natural progression for us. To be recognised as specialists in our market by PIB and having the opportunity to continue growing through their support is a real endorsement of what we have achieved so far. We are looking forward to joining a wider network of experts who are renowned for their specialisms in their chosen markets.”
Simon Derby commented: “We are often appointed as both broker and advisor to our clients where longstanding relationships are formed. I’m delighted that through PIB, we can continue those valued relationships and design bespoke solutions through our focussed approach while also remaining independent.”
i2 Healthcare is the fourth business bought by PIB this year following Lincsafe, Wilby and Lorica Insurance Brokers. A total of 16 businesses have been acquired by the Group as part of PIB’s strategy to grow through targeted acquisitions and a recruitment drive across the UK, with the backing of global alternative asset manager The Carlyle Group (“Carlyle”; NASDAQ: CG).
Ryan Brown, CFO for PIB Group, commented: “I’m very pleased to welcome Paul, Simon and their team on board. i2 Healthcare has built an outstanding reputation in their industry for all aspects of employee health and wellness. This is a really exciting acquisition for PIB as it is the first specialist employee benefits business bought by PIB since the Group started acquiring in 2016. The move will strengthen the Group’s existing PIB Employee Benefits proposition, and given the recent growth in the PMI sector we will be looking to support i2 Healthcare to consolidate its position of strength in this area.”
Gambit Corporate Finance and Higgs & Sons Solicitors provided corporate finance and legal advice respectively to the shareholders of i2 Healthcare.
Geraint Rowe, Partner of Gambit Corporate Finance, commented: “We are delighted to have advised Paul and Simon on the sale of i2 Healthcare. The company has enjoyed considerable success under Paul and Simon’s leadership, building an extremely impressive client base and an outstanding reputation for quality of service. The sale to PIB represents a great strategic fit for i2 Healthcare, which will enable the business to build on its recent success.” He added: “We have advised on several transaction in the insurance sector in recent years, and we anticipate that there will be further consolidation in the market in the near future.”
Nick Taylor, Partner and Head of the Corporate team at Higgs & Sons Solicitors, commented: “Higgs has developed an excellent working relationship with the shareholders of i2 Healthcare and we are delighted to have advised them in this matter.
“We put together a dedicated team of specialists in order to identify exactly what was required, working in partnership to achieve the right outcome for everyone concerned.”