Polish Enterprise Fund VIII, a private equity fund managed by Enterprise Investors (EI), exits Unilink, a leading insurance distribution platform in the CEE region. Unilink will become part of Acrisure, a fintech that operates a top-ten global insurance broker. As a result of the transaction, PEF VIII will sell all of its shares in Unilink. Unilink’s management team will remain with the business.
- The value of the transaction remains confidential;
- The deal is conditional upon obtaining regulatory approvals.
Enterprise Investors invested in Unilink in 2018, making a capital increase to support an extensive M&A program and completing a partial buyout in return for a 38.4% stake in the business. At the time, the company was a leader in the local Polish market and was looking to strengthen its position as well as build up presence in neighboring countries. Today, Unilink is the largest insurance distribution platform in the CEE region. It has boosted its standing domestically and has also gained a strong foothold in Bulgaria, Czechia, Moldova, Romania and Slovakia. Growth has been both organic and via acquisitions, with over 60 add-ons bought since EI’s investment. During this time Unilink has not only increased its level of professionalization and digitalization but has also expanded the value chain by building two managing general agents (MGAs) in Poland and Romania that provide comprehensive services to insurance carriers. The growth of Unilink’s gross written premium by around 400% in four years is just one measure of its strong market position.
“Supporting a company’s growth is about investing in its future, which also means believing in its potential, supporting the management team and founders and being part of its journey to success,” said Enterprise Investors managing partner Dariusz Prończuk, who is responsible for this investment. “Unilink is the leading market consolidator in its market in Poland and other CEE countries. It is also one of just a few companies that have set up an MGA program in the CEE region and have full insurance capabilities. This is a good illustration of how at EI we not only support companies in their growth but also identify unique opportunities that can bring added value and contribute to their long-term success,” he concluded.
Igor Rusinowski, CEO of Unilink, commented: “Our five years with EI are a win-win. We have transformed Unilink from insurance distribution market leader in Poland to the largest player in CEE, spearheading the segment in six countries and operating through all distribution channels. With EI’s support we have achieved remarkable growth and built a solid position for the future. We believe the Acrisure partnership will help us become part of the largest insurance distribution platform in Europe, which is our next goal and long-term ambition. We share the same values and business DNA, with a very strong focus on entrepreneurship, M&As and delivering excellence. Our team are extremely excited to become Acrisure shareholders and to continue our expansion as part of this global player while leveraging its capabilities and technology in our markets.”