Right Choice Insurance Brokers, a UK-based motor insurance broker, received a £28m minority investment from private equity firm LDC.
The transaction was led by Yann Souillard, Steve Aston and Aylesh Patel at LDC, with Souillard and Aston both joining the board as non-executive directors alongside non-executive chairman Ian Owen.
The company intends to use the funds to invest in further developing its proprietary software and technology platform to accelerate growth.
Launched by CEO Mike Joseph in 2008, Right Choice Insurance Brokers is a vehicle insurance specialist which leverages proprietary software alongside human interaction. The company has reached turnover of £26m in its latest financial year employing more than 350 people.
In 2016, RCIB acquired three premium motor breakdown insurance brands from ERS to strengthen the breakdown cover arm of the business.
Debt facilities were provided by Ares.