Exclusive: The administrators of CBL have sold UK-based European Insurance Services Ltd, in a private equity-backed management buyout.
The Tunbridge Wells-based construction insurance specialist has been bought by Phenix Holdings, for an undisclosed sum.
Post understands that the sale will take the form of a private equity-backed MBO, with current CEO Pierre Galeon set to remain in his position.
The CBL-owned broker specialist saw revenues of €8.5m in 2016, 19% down on the previous year. Operating profit more than halved from 2015, from €3.1m to €1.5m. Data for 2017 was not immediately available.
The sale has been agreed by CBL subsidiary Intercede 2408, which owns EISL.
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