PIB Group (PIB) has announced the acquisition of Morton Michel based in Croydon, South London. The deal is the tenth investment made by PIB in 16 months.
Founded in 1964 Morton Michel is a specialist insurance broker, focussed on meeting the needs of service providers and institutions in the childcare sector. Their range of products insure approximately 24000 childminders and nannies, 9000 nurseries and pre-schools and 5000 out of school clubs and holiday play schemes, as well as numerous social and voluntary groups connected with childcare. The business also has a Personal Lines and General Commercial division.
The acquisition by PIB will provide Morton Michel with the ability to continue on their growth agenda while retaining their strong ethic for integrity and reliability for clients. Managing Director Sue Lee and the existing management team will continue to lead the business following the completion of the deal.
Samantha Beere, Director and co-owner of Morton Michel, said: “The Beere family are proud to have built up Morton Michel over the past 53 years from small beginnings at our kitchen table to becoming one of the UK’s leading childcare insurance specialists, employing over 50 staff. We are pleased to leave Morton Michel in such good hands. PIB is precisely the kind of dynamic, modern company that will serve Morton Michel and its client base well in the coming years. They can offer the investment in people, products, processes and online services that the business needs to meet all the challenges of the changing childcare and insurance industries. We are confident they will continue the Morton Michel commitment to provide market-leading insurance solutions for the childcare industry.”
Sue Lee, Managing Director, said: “This is a great opportunity for us all. We have a fantastic team here at Morton Michel and with the support and investment from PIB, we can make huge strides in our plans to grow and strengthen our market leading position as specialist insurance providers to the childcare sector, continuing the ethos of being innovative, knowledgeable, professional and friendly which the Beere family have worked so hard to achieve. We are all really excited about the future.”
Brendan McManus, CEO of PIB, commented: “I am extremely pleased that Morton Michel is joining PIB Group. They are leaders in the childcare sector having paved the way in developing this market thanks to their strong team and great brand. As with all the acquisitions that PIB has completed, we are looking forward to investing in Morton Michel to support their ambitious growth agenda and exploit the opportunities in their sector over the coming years.”