PIB reveals £506m spend in 2022 as revenue hits £345m
PIB Group upped its merger and acquisition spending to £506.2m in 2022, as it snapped up 23 businesses with considerable expansion into Europe.
The consolidator spent £85.5m on eight buys in 2021. The latest figures, released in a filings at Companies House, show that the 2022 outlay was made up of £347.7m in cash with the remainder spread across deferred and contingent consideration as well as equity.
The largest deal was for Lloyd’s broker Guest Krieger. The wholesale London Market broker writes specialty business mainly emanating from Israel, but also from more than 30 other countries. The £182.7m deal completed in August 2022.
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