Livingbridge has announced the sale of Kingsbridge Risk Solutions, an insurance broker for contractors and corporates, to a secondary management buyout backed by Dunedin, the UK mid-market private equity house. The transaction sees Livingbridge fully exit Kingsbridge after originally backing the business in January 2014.
Founded by current CEO Steve Wynne in 2001, Kingsbridge is the UK’s market-leading provider of insurance services that are tailored to meet the needs of contractors, freelancers and independent professionals, as well as the compliance requirements of partners including recruiters and accountants. Working in conjunction with its strong partner network, Kingsbridge covers the broadest range of industry sectors in its market, including aerospace, banking and finance, rail, automotive, nuclear, oil and gas and information technology.
The company, which employs 55 people, is headquartered in Tewksbury, Gloucestershire, and also has offices in Liverpool and Guernsey. Over the last two years, Kingsbridge has more than doubled in size and today boasts revenues of almost £7 million.
Following the investment by Dunedin, Kingsbridge will continue to grow through expansion into new sectors and through the introduction of new insurance products that are tailored for the contractor market. The business will also focus on international expansion, enabling it to offer insurance to contractors that operate overseas.
Steve Wynne, founder and CEO of Kingsbridge, commented: “We have achieved significant growth in the last two years and the time is now right to take the business into the next phase of its development. Having considered the various options available to us, we have chosen Dunedin as our investment partner as we feel that they will enable us to maintain our pace of growth and also retain our independence and entrepreneurial spirit. We have enjoyed working with the Livingbridge team and thank them for all of their help and support during this period of our development.”
Andrew Garside, Partner at Livingbridge said: “It has been great to see Kingsbridge develop into the business it is today. Since our investment Kingsbridge has gone from strength to strength, doubling its profits, capitalising on the market opportunity available and growing its headcount. We are confident Kingsbridge will continue to thrive and we look forward to seeing the business build on the success that it has achieved to date.”