ECI backs £57m MBO of Avantia

10/03/2014
Read Time: 2 Min

Avantia logo old

ECI Partners, the growth-focused UK mid-market private equity firm, is delighted to announce that it has invested in Avantia (www.avantiagroup.co.uk) which operates the online consumer home insurance brand HomeProtect (www.homeprotect.co.uk).

Home Protect logo


Avantia has invested heavily in R&D, building up valuable and unique IP and capitalising on its rich and nuanced domain knowledge which allows the business to offer home insurance to many households when others consider it too difficult. The business maintains the most effective online quote ability of any household insurer in the UK, returning a quote to over 97% of applicants, almost 25% more than its closest competitor. More than 80% of its new customers are in what other insurers would deem to be ‘difficult to insure’ risk categories. Such categories include homeowners with larger houses, businesses running from home, listed buildings, unoccupied properties, flat roofs, previous convictions or thatched roofs.

In early 2013, Avantia hired Phillip Walter as CEO, with a mandate to grow the business and continue to invest in technology and R&D. Following Mr. Walter’s appointment, Avantia won the Transform Award and the Insurance Times Tech Award for its innovative use of data for real-time risk pricing, also placing as a finalist for the British Insurance Awards and UK Broker Awards.

Avantia marks ECI’s thirteenth investment in its most recent buyout fund, ECI 9, and the fifth transaction in the past 14 months following earlier investments including employment law specialist Citation, escorted rail travel company Great Rail Journeys, and most recently Encore Tickets.

“We are delighted to be working with ECI to further grow HomeProtect and our other evolving brands. It is an exciting time for our business, our partners and our customers. HomeProtect already provides cost effective insurance for tens of thousands of customers, many of whom had found it difficult to find online cover elsewhere. This investment from ECI will allow us to grow faster organically as well as by acquisition, to offer more customers the peace of mind that HomeProtect delivers”

Phillip Walter 

CEO of Avantia and HomeProtect

“ECI have a proven track record investing in ambitious, high-growth companies. We are delighted to have them on board, as they support HomeProtect in the next stage of its expansion.”

David Walker 

Co-founder

HomeProtect and its parent Avantia have a unique product offering with market-leading online technology and very strong growth prospects. ECI’s investment into Avantia will help to accelerate this growth in both existing and new markets. We look forward to working with Phillip and his team to realise HomeProtect’s strong potential.”

Paul McCreadie

ECI

 

About the author

Paul McCreadie

"I have been a member of ECI’s Investment Team since 2008, working with management teams from our initial investment all the way through to when we sell our stake. That means I get to meet great founders and management teams and support them to successfully deliver their vision."

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