European Financial Services specialist, BlackFin Capital Partners has invested into the Grupo Concentra, specialized in insurance and reinsurance brokerage, to promote its growth in the Iberian Peninsula. In its largest investment in Spain to date, BlackFin has acquired the majority stake in the group, while current management retains a significant stake.
With BlackFin joining its shareholding, Groupe Concentra's objective is to grow integrating multiple insurance and reinsurance distribution companies which will be incorporated under the new Grupo Concentra. Immediately following closing with Blackfin, the first acquisition of the new Grupo Concentra was Segurfer, an insurance broker with extensive experience in the distribution through special products and comparators created in 1989. The incorporation of Hispania, an underwriting agency and broker, advising companies on international insurance and reinsurance solutions, will soon take place.
The new Grupo Concentra Group becomes one of the three largest independent brokers in Spain and Portugal with a turnover above € 22 million in 2022. The new group will continue operating three business lines integrated of various brands independently: Retail, Wholesale and Extended Warranties. Retail brokers Gescobert, Segurfer and UBL specialize in personal and corporate insurance solutions in Spain, while Melior does the same in Portugal. On Wholesale, it will operate through the Hispania brand. And on Extended Warranties, Concentra Garantías offers coverage for used car repairs.
The new Grupo Concentra Concentra is a team of more than 200 professionals with in-depth knowledge of the insurance and reinsurance sectors. The current management, with more than 35 years of experience in the market, will be led by Javier López-Linares, as executive chairman, and José Luis Ocón, as CEO. New professionals have already been recruited and will be onboarded to strengthen the management team.
Growth in the coming years
The renewed group was born with a growth plan to expand its range of products and services and incorporate new companies in Spain and Portugal. Javier López-Linares, executive chairman of the new Concentra Group, has stated: “Our goal is to grow in profitability and size via organic growth and acquisitions that provide business volume and complement our current business lines. Our ambition to become the undisputed leader on Iberia in both customers and revenues is supported by a clear and executable business plan.”
Damien Lestang, partner at BlackFin, has stated: “Our investment comes as a continuation of our successful experiences in the insurance servicing and brokerage sector across Europe. We found in Concentra’s management the entrepreneurship and professionalism that we value highly. We will support the team lead by Javier and José Luis in their ambitious growth plan and we are ready to finance future acquisitions”
About BlackFin Capital Partners
Focused on investing in financial services companies, fintechs and insurtechs, BlackFin is the European financial services sector leader with €2.4bn assets under management.
BlackFin is currently investing from its €1bn Buyout III into asset-light companies - transforming them via organic growth, improving operating margins and also through an active buy-and-build strategy. Its €350m Tech 2 fund supports and high growth B2B fintechs & insurtechs.
Founded in 2009, BlackFin Capital Partners is an independent private equity firm led by nine partners who have worked together as managers and entrepreneurs in the financial industry for decades. The team has over 45 professionals across offices in Paris, London, Brussels, and Frankfurt.
For further information, please visit www.blackfin.com.
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