Case Study: Anglia NW Limited
- Deal size:
- Company Sales & Acquisitions
- Insurance Services
- Deal completed:
- May 2007
Meridian Corporate Finance LLP (“Meridian”) advised the shareholders on the disposal of Anglia (NW) Limited (“Anglia”) to Homeserve plc, for a total consideration of £37m.
Anglia is one of the UK’s leading home insurance repairers, providing property repair services to many of the UK’s leading household insurers. The company operates from two sites in North Wales and Shrewsbury and has 170 employees, including 117 directly employed trade operatives.
The acquisition of Anglia further enhances Homeserve’s already market-leading property repair proposition, and it will deepen their existing relationships with major insurers providing the capacity to further increase Homeserve’s directly employed presence in the property repairs business.
Richard Harpin, Chief Executive of Homeserve commented "Homeserve's acquisition of Anglia represents a further significant step in the development of our Emergency Repair operations. The acquisition extends our relationships with insurers in the property services market and, in line with our strategy, provides a directly employed network, which will further increase the efficiency of our enlarged property repair business.“
As part of the deal Mike Walsh remains within the business to drive growth of Anglia's directly employed model. Commenting on the deal Mike Walsh said "On behalf of myself and my fellow Directors of Anglia, I'd like to thank Mike Barcia and his team at Meridian for achieving what we feel was an excellent result all round for both seller and buyer. We are delighted to have sold the business to Homeserve plc as there is an excellent fit both geographically and culturally and we look forward to expanding the Anglia model across the Midlands and North of England. Mike and his team handled the process smoothly and in a hands on manner, attending all meetings, working with us with a pro-active and sensible approach and ensuring a timely and effective exit, all in all the deal achieved a great result for both Homeserve plc and the Directors of Anglia!“
Michael Barcia of Meridian said "Having advised on a management buy-out from Homeserve plc previously, the process was undoubtedly assisted by our understanding of the way in which they work. This is a fantastic result for the shareholders of Anglia and further strengthens Homeserve’s increasingly dominant position in this market."