ProAktive Risk Group, a Doncaster, UK-based commercial insurance broker, raised £2.0m in a management buy-out.
The MBO – which gives control of the business to a long-serving management team led by Andy Morley and Ian Laycock – was backed by debt funding from Mercia Fund Managers.
Established in 2003 under its current name, though its origins date back to 1975, ProAktive Risk Group is an insurance broker and risk management consultancy which helps businesses reduce claims and premiums. Its consultancy services include HR, health and safety, business continuity planning and fleet risk management.
The deal allows founder Jon Whiteley to step down from the day to day management though he will continue to play a role in the business and retain a significant shareholding. The buy-out was partially funded by deferred consideration on the part of Mr Whiteley.
The business employs a team of over 50 staff.