Connection Capital, a specialist private client alternative investment business, has exchanged on the sale of multiple award-winning UK online temporary insurance platform Tempcover to RVU, owner of Uswitch, Confused.com and Money.co.uk.
The sale (subject to Financial Conduct Authority regulatory clearance) will deliver a highly-profitable gross return of >5x money to Connection Capital clients.
Tempcover was established in 2006 and private investor clients of Connection Capital invested in the Company’s MBO in December 2017 with a further follow-on investment made in May 2019.
Over the period of Connection Capital clients’ ownership, EBITDA has grown substantially and headcount has more than doubled to 51 employees.
