Capita acquires Fish Administration Limited
Capita plc (`Capita') today announces the acquisition of Fish Administration
Limited (`Fish') from private equity firm Inflexion for a cash consideration of
£21m on a cash free, debt free basis. The acquisition will add greater capacity
and valuable new expertise to Capita's specialist insurance broking business.
Fish provides specialist insurance products, on a broker basis, to people with
disabilities, including cover for adapted vehicles, travel, and mobility
scooters, as well as insurance products to the independent living and care
sectors
Its pro forma operating profit for the 12 months ended May 2011 was £3.5m on a
turnover of £5.8m.
Paul Pindar, Chief Executive of Capita plc, said: "Fish is the market leader in
the field of providing insurance broking services to the independent living and
disability markets. Backed by Capita, and alongside our existing specialist
insurance broking business, we anticipate strong potential for growth in the
motor, travel, independent living and carer insurance markets, enabling us to
take the business from strength to strength."
Warren Dickson, Managing Director at Fish, said: "Joining forces with Capita
represents a great opportunity for our insurance industry clients, our
customers and our staff. We are fully committed to maintaining the focus that
we have on specialist expertise and service excellence and being part of Capita
will allow us to further enhance the value we offer in these areas."
Fish Administration Limited employs around 30 people based in Preston.
