Welsh specialist broker Moorhouse Group Ltd also trading under its technology brand Constructaquote.com has exited to a private equity backed super broker Right Choice Holdings Ltd in a deal worth tens of millions.
Moorhouse Group, established in 1990 by founder Lyndon Wood, will become a sister company to Bennetts Motorcycling Services Limited (Bennetts) and Right Choice Insurance Brokers (RCIB) under the Right Choice Holdings umbrella. On completion of the transaction, Linda Haggett will be promoted to become Managing Director with Lyndon, remaining very much part of the business, transitioning to a strategic consulting role.
Moorhouse Group is a market-leading specialist and technology led, broking house, having developed an exceptional range of products and services that are comprehensive, flexible and dedicated to the SME sector. Based in Caerphilly, Moorhouse Group distribute products to commercial customers digitally under the constructaquote.com brand as well as wholesaling through regulated Insurance Brokers and in person through a Team of trusted advisors. Operations in Caerphilly will be expanded in the coming months and the acquisition will present no disruption or changes to service for the businesses currently serviced by Moorhouse Group across the United Kingdom.
Lyndon Wood, founder and CEO of Moorhouse Group, said:
“We are 31 years old and have been at the forefront of technology in insurance for over two decades, with several global firsts. Selecting Right Choice Holdings as the acquirer was an easy decision. We wanted to exit to a company with strong customer and employee values, who had a clear sense of direction, supported with an experienced top team. I wanted to leave a legacy and do right by our customers, our local community, Wales, our employees and business. I am looking forward to the continuation of our journey and working with the expanded team, exciting times.”
“Since the age of 19 I have enjoyed and loved being in Wales starting and building a business from nothing to something and assisting many people develop their skills and careers. I am proud to be Welsh and that Right Choice are absolutely dedicated and committed to staying and growing in Wales. The time was right to hand the reins to a brilliant and great group of people, who have the vision to take the business to the next level of growth”.
RCIB is a highly successful motor insurance broker specialising in non-standard risks, with over 225,000 customers, who recently completed the purchase of the Autosaint, Ladybird and First Van brands, augmenting their proposition with a broader footprint and more knowhow in Telematics, Young Driver and Commercial Vehicle.
Bennetts is the leading motorcycle insurance broker in the UK, providing riders with the premium level of cover with products that have held Defaqto 5 Star rating since 2011. Riders insured with Bennetts can also enjoy free membership to BikeSocial; the unique discounts, experiences, competitions and advice platform.
The acquisition of Moorhouse/Constructaquote.com is another important step-change in the growth trajectory of Right Choice Holdings, who target acquisitions with sector specialisms who offer differentiated products with capabilities and teams that complement one another.
Following this transaction, Right Choice Holdings will now have offices in Coventry, Peterborough, Romford, Redditch and Caerphilly. Mike Joseph, CEO of Right Choice Holdings, said:
“I am really excited to be welcoming Lyndon, Linda and the Team to our business. The Moorhouse Group is well known and respected in the commercial insurance marketplace and the Constructaquote.com brand gives us huge opportunities to grow and develop online distribution for SME customers. It has been great to get to know the Moorhouse Management through this process and we thank the Team for their help in facilitating a smooth transaction as we do the Advisers at Hines Associates and our Legal Team at Stephenson Harwood.”
Ian Owen, Chairman of Right Choice Holdings, said:
“At Right Choice Holdings, our philosophy is to be the best home for niche insurance businesses where we can leverage expertise across our group to supercharge their growth. Adding the considerable expertise of the Moorhouse Team in the commercial sector breaks exciting new ground for us and we are thrilled to have the opportunity to work together to further develop the proposition in this specialism.”