Sovereign Capital portfolio company Kindertons has acquired Plantec Holdings in its first acquisition since being backed by Sovereign in October this year.
Plantec is a fully outsourced claims solution provider to the motor insurance industry.
Plantec manages c.15,000 claims each year including both car and motorcycle claims. Specialising in motorcycles, the company’s 64 staff process c.6,000 non-fault motorcycle claims and work with insurers in providing hire motorcycles to these riders. Plantec provides a hire solution from its fleet of 400 bikes, all being major recognised brands, and a high quality repair solution for customer bikes. Based in Dudley and Southport, the business has one of the UK’s largest and best equipped national distribution and repair centres.
Plantec has a strong management team led by founder Lee Evans, who will continue to develop the business as its managing director. Plantec will remain a specialist independent, operating as a subsidiary of the Kindertons Group.
Kindertons is a nationwide specialist provider of outsourced accident management services for motor insurers and insurance brokers together with claims management services for drivers who have been involved in a road traffic accident.
Neil Cox, director, Sovereign Capital, says: “We are delighted to support the Kindertons management team with their first acquisition just two months after backing the business. The growth strategy is clearly well underway and we will continue to explore the organic and acquisitive growth options that this market offers.”
Shaun Ellison, managing director, Kindertons, says: “We are very pleased to develop our business with the acquisition of Plantec whom we have known well for a long time. The business has a strong reputation with insurers and brokers and introduces new referral relationships to the Kindertons Group. This is a natural progression for Kindertons and enables us to provide a more comprehensive range of vehicles.”
Debt to support the transaction was provided by Chenavari Investment Managers.