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Cega Group
Transaction:
Management Buy-Out
Sector: Insurance Services
Completed: June 2015
Meridian advised the shareholders of CEGA Group Holdings Limited (“CEGA”) on the sale of their company to the incumbent Management Team.
Based in Funtington, Sussex and established in 1973 by brothers Clive and Graham Ponsford, CEGA have evolved over the past 40 years to provide worldwide services of risk management, medical assistance, air ambulance and travel insurance claims, supporting the UK’s largest insurance, travel, banking and retail financial services brands.
In 2014 Clive and Graham decided the time had come to sell to enable them to pursue their later life dreams of sailing and travelling the world. Following discussions with Meridian and a successful placement of new CEO Alistair Hardie, a Management Buy-Out was embarked upon with funding support from NatWest.
Commenting on the process Graham Ponsford says “Making the decision to sell your business is likely to be a one-time event for the majority of business owners. From the offset Meridian were integral to the sale of Cega. Like most business owners we thought our only choice was a sale to a competitor. Meridian explained all of our options and helped us to choose the one that best fitted our personal goals. As such, we ended up selling to the management team. For such a complicated process, they made it easy to understand and took care of the detail, helping with preparing the business for sale, the due diligence process, the choice of lawyers and tax advisers. Meridian’s specific skill sets combined with their compassion, sense of humour and their understanding of what we were trying to achieve ensured that we achieved the perfect win, win deal for us all. I would have no hesitation in recommending their services to others.”
The buy-out supports the company’s recently publicised intention to invest in the business to drive innovation for clients and support it’s growth, whilst at the same time ensuring the consistency of the services provided during the past 40 years and beyond by conserving the management team.
