Envest partners with Macquarie Capital for growth
Envest has closed a deal with Macquarie Capital to fund the execution of its growth strategy.
1 November 2020, (Sydney, AEST):
Envest has partnered with institutional investor, Macquarie Capital to fund its plans to become an integrated insurance distribution business.
Over the past four years, Envest has acquired interests in 25 insurance businesses and tripled its portfolio value. Its investments include the Aviso Group of insurance brokers, several specialist intermediated and direct underwriting agencies and a number of insurtech companies.
Managing Director Greg Mullins said Envest already had several new acquisitions in motion and the deal with Macquarie Capital would significantly accelerate the company’s growth. The group is actively seeking broker and agency acquisitions.
“We are seeing a lot of opportunity in the broker and agency space, and through our existing relationships, we started talks with new investors to help fund our transition from being simply an investor to an insurance services company,” Mr Mullins said.
“We have been co-investors with Macquarie in Claim Central for a number of years and over that time we have developed strong relationships and trust between our people. Macquarie Capital was a natural fit for us and strategically aligned with our long-term goals.”
Macquarie Capital Head of Principal Investments ANZ Richard Turner said Envest was a standout performer in the market, with exceptionally strong returns, a track record of developing new insurance services and an exciting pipeline of opportunity.
“Macquarie has every confidence that Envest will continue its evolution into to a serious player in the insurance distribution business over the next few years,” he said.
“Macquarie was attracted to the strong people focus within the Envest ecosystem, and in particular the opportunity to bring together the businesses into a cohesive group which delivers significant synergies and back-end benefits to the individual companies” Mr Turner said.
“We look forward to joining the board and contributing far more than just capital as we become part of this exciting journey.”
Envest growth to-date has been backed by founding shareholders, management and a small number of private investors.