PIB sold to Apax funds
The investment is set to “accelerate strategic M&A” for the broker as it is also confirmed that former backer, the Carlyle Group, has retained a minority stake in the business.
Funds advised by Apax Partners today (25 January) announced the acquisition of the PIB Group.
The Carlyle Group, PIB’s existing investor since 2015, will re-invest for a minority stake.
The financial terms of the transaction (which is subject to applicable regulatory approvals) were not disclosed.
PIB’s executive management team, headed by chief executive officer Brendan McManus and chief financial officer Ryan Brown, will continue to lead the business following the acquisition.
In the most
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