APAX ACQUIRES BROKER PIB

London market broker PIB Group has been acquired by Apax Partners. Funds managed by Apax acquired a majority holding in PIB from private equity firm, Carlyle Group, the broker’s lead investor since 2015. Carlyle continues to hold a minority stake in the broker, alongside PIB’s management team. PIB’s executive management team, led by chief executive officer Brendan McManus and chief financial officer Ryan Brown, will continue to lead the business following the acquisition. Launched in 2015, PIB has grown significantly under Carlyle’s ownership, both organically and through acquisitions. PIB, which now employs 2,000 people, recently acquired Barbon Insurance Group in the UK, as well as WDB in Poland and Marx Re-Insurance in Germany. The acquisition by the Apax Funds will see PIB continue its growth trajectory, both organically and through M&A, the companies said in a joint statement.