The acquisition of Ingenie is the first transaction completed under new ownership.
Based in Leatherhead, Ingenie specialises in car insurance for learners and young drivers. Ingenie uses telematics technology to assess individual driving behaviour so customers pay for their insurance cover based on the way they drive. This technology provides customers with feedback to help improve driving skills with the aim of reducing the cost of car insurance for good drivers, whilst ultimately making the roads safer for everyone.
Spectrum was appointed to complete a full sales process which involved marketing the business to both trade buyers and private equity investors, prior to entering into exclusivity with A-Plan, who were acting through its related companies, Cheltenham-based Endsleigh Insurance Services Limited and Trafalgar Bidco Limited. Ingenie has subsequently formed part of A-Plan Group’s Endsleigh operations.
The sale of Ingenie to A-Plan is the third transaction in the Insurance sector that Spectrum has closed in the last few months, following the MBO of GHG Limited, backed by YFM Equity Partners in July, and the acquisition of VIPR, by Tenzing, earlier this month.
Carl Shuker, CEO of A-Plan, said:
The Ingenie management team have a very clear path to growth which we will enhance through Endsleigh and the broader group client base. We have a really exciting trajectory for the business – our involvement with our new partner Howden presents an opportunity to take telematics technology around the world. Watchstone and Spectrum as a team were a pleasure to deal with and made the transaction very easy.