PIB Group Europa has acquired Stein Bestasig Insurance Broker, which marks the debut of the UK-based company on the Romanian insurance market. Clifford Chance Badea, the Bucharest office of global law firm Clifford Chance, has advised PIB Group Europa, backed by global private equity firms Apax Funds and The Carlyle Group, in this acquisition.
The transaction is part of PIB Group’s strategy to expand on the South-East European market, including by building a strong presence in Romania, through an acquisition plan targeting approximately 20 local insurance brokerage companies.
“Our practice has an impressive track record of successful advisory work provided to global private equity funds and investors in the Financial Services – Banking and Insurance industries, who are interested in the opportunities that Romania provides. We are honoured to have advised one of the most dynamic and diverse insurance brokers in Europe in its first strategic step on the local market, which will certainly leave its mark on the future of Romanian insurance industry,” says Nadia Badea, Clifford Chance Partner, and coordinator of the M&A practice in Bucharest.
Carl McMillan, PIB Group General Counsel, said: “Making a successful first acquisition in a new market is critically important, especially in a highly regulated and complex industry like ours. We needed a strong legal partner, with an extensive local knowhow and a global perspective, which is why I chose Clifford Chance Badea, and its fantastic team of lawyers delivered a great outcome for the PIB Group.”
The transaction had a significant regulatory and local compliance component, involving a highly complex approval process.
Clifford Chance has advised PIB Group throughout the entire transaction, in performing due diligence, negotiation of the envisaged transaction, negotiation of the management structure and relationships, as well as in advising on specific insurance brokerage compliance matters related to the structuring of the transaction.
The team advised the client in the approval process from the Romanian Financial Supervisory Authority (ASF), as well as the foreign investment approval by the Commission for the Examination of Foreign Direct Investment (CEISD).
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