Exclusive: Apax considers sale of insurance broker PIB Group, sources say [Reuters]
The Carlyle Group Inc. (CG)
Last the carlyle group inc. earnings: 4/30 06:40 am
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Source: Reuters
The London-based private equity firm is expected to appoint a financial adviser to gauge buyer interest in the business later this year, the people said, speaking on condition of anonymity. PIB Group could be valued at more than 4 billion pounds in the event of a sale, based on annual earnings before interest, tax, depreciation and amortisation (EBITDA) of around 250 million pounds ($315.7 million) that it is on track to generate, one of the people said. Apax declined to comment. PIB Group did not immediately respond to a request for comment. Private equity firms have been paying elevated prices for insurance brokers, attracted by their predictable cash flows and ability to grow via acquisitions. Buyout group KKR (KKR.N) , opens new tab bought French insurance broker April Group in 2022 from CVC for 2.3 billion euros, Bloomberg reported, while Permira last year agreed to acquire GGW for an undisclosed sum from Hg. Apax bought PIB Group, which specialises in commercial lines
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CG
Earnings
- 2/8/24 - Miss
CG
Sec Filings
- 4/18/24 - Form ARS
- 4/18/24 - Form DEF
- 4/18/24 - Form DEFA14A
- CG's page on the SEC website