Insurance intermediary PIB Group has acquired leading SME broker Campion Insurance, subject to CCPC clearance.

Th deal is PIB’s third buy in Ireland this year, following on from Creane & Creane and most recently Oliver Murphy (pending regulatory approval). The company says several more acquisitions are under consideration.

Launched in 2015, PIB is funded by private equity and has grown rapidly through 46 acquisitions since 2016. The PIB Group is active in  the UK, Channel Islands, Ireland, Germany, Poland, Denmark, and Spain.

Established in 1997 by Jim Campion as a family business, Campion Insurances Ltd offers specialist sector knowledge across three lines of business for Commercial Insurance, Personal Insurance and Life & Pensions.

Campion’s company model, which has a strong focus on organic and acquisitive growth, through several successful joint ventures and acquisitions, was highly attractive to PIB, according to CEO Brendan McManus.

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“This is a fantastic business with Jim Campion at the helm, backed by his leading management team and employees. They represent a great platform for PIB in Ireland and provide many complementary attributes,” McManus stated.

Jim Campion (pictured) commented: “I’m delighted that Campion Insurance will soon become part of the PIB Group. It is testament to the hard work of our dedicated people and loyal customers who are behind our success to date, that we are in the position to play a key role in driving PIB’s expansion in the Irish market. We are excited about what lies ahead, and very attracted by the opportunity to continue our acquisition activity through the strength and scale offered by PIB.”

James Harmer, Head of European M&A for PIB Group, commented: “Campion Insurance has a highly experienced team within the M&A space. The dynamic business is geared up to scale for further growth, and we look forward to working together with our joint ambition of consolidating the Irish broker market while driving financial returns.”

.According to PIB, Campion has estimated GWP of €80m in 2021, and consolidated revenues of €21m. The broker operates through 12 locations.

Harmer added that following completion of the transaction, the Campion name and brand will continue and all 180 employees will also remain under the leadership of Jim Campion and his management team.

PIB was advised by DLA Piper in Ireland. Partner Matthew Cole noted: “We were delighted to advise PIB once again on its acquisition of Campion. The insurance sector is a key focus for DLA Piper and transactions like this showcase the benefits to our clients of our strong sectoral approach.”

A PwC team led by John Casey advised PIB on financial due diligence and tax aspects of the transaction. The Campion shareholders were advised on the corporate finance side by the Mazars Deal Advisory team led by John Bowe.