Our Corporate Finance team has successfully advised Watchstone Group PLC, a UK-based provider of sector leading expertise in software, consultancy and technology enabled outsourcing, on the disposal of telematics-based car insurance brand Ingenie to A-Plan Group for £5.5 million.
In September this year A-Plan Group Limited was sold to Howden Broking Group and the recent acquisition of Ingenie is the first transaction completed under new ownership. Based in Leatherhead, Ingenie specialises in car insurance for learners and young drivers. Ingenie offers a fresh approach to car insurance, using telematics technology to assess individual driving behaviour so customers pay for their insurance cover based on the way they drive. This technology provides customers with feedback to help improve driving skills with the aim of reducing the cost of car insurance for good drivers, whilst ultimately making the roads safer for everyone.
The team has a long-standing professional relationship with Watchstone Group PLC and has previously supported the group through the divestment of Hubio Technologies to Acturis in November 2017, and BAS to Smart Business Limited in July 2017.
The team was appointed to complete a full sales process which involved marketing the business to both trade buyers and private equity investors, prior to entering into exclusivity with A-Plan, who were acting through its related companies Endsleigh Insurance Services Limited and Trafalgar Bidco Limited. Ingenie has subsequently formed part of A-Plan Group’s Endsleigh operations.
The sale of Ingenie to A-Plan is the third transaction in the Insurance sector that the team has closed in the last few months, following the MBO of GHG Limited, backed by YFM Equity Partners in July, and the acquisition of VIPR, by Tenzing, earlier this month.
“Ingenie is a high-quality business with a robust operating model, strong systems, and dedicated people. This was the right time for us to dispose of the business to a new owner who we are confident can take the business, its customers and its staff to great success. The team helped us run a high-quality sales process despite the difficult circumstances of the pandemic. Their tenacity and focus on a successful outcome helped us close the deal with a strong buyer.” Stefan Borson, CEO at Watchstone Group PLC.
“The Ingenie management team have a very clear path to growth which we will enhance through Endsleigh and the broader group client base. We have a really exciting trajectory for the business – our involvement with our new partner Howden presents an opportunity to take telematics technology around the world. Watchstone and the FRP team were a pleasure to deal with and made the transaction very easy.” Carl Shuker, CEO of A-Plan.
“We have enjoyed working with Watchstone over the past few years in assisting as they have disposed of their remaining business interests. The pandemic has provided significant challenges to Ingenie with young drivers not being able to have driving lessons or take driving tests, but A-Plan looked through the current situation to understand the value of the underlying technology and see the opportunity to add further scale to their business. The management team, led by Selim Cavanagh, have a great platform to continue the strong growth and development of this business.” Simon Davies, Corporate Finance Partner.
Technology, Media and Telecoms (TMT)
The team helped us run a high-quality sales process despite the difficult circumstances of the pandemic. Their tenacity and focus on a successful outcome helped us close the deal with a strong buyer.Stefan Borson CEO at Watchstone Group PLC