Insurance brokerage services firm PIB Group has acquired Albany Childcare, a British childcare insurance provider, for an undisclosed price.
Based in Glashow, Albany has been operating for close to 20 years. It targets smaller, family-operated childcare businesses, PIB Group noted.
The company particularly offers childcare and nursery insurance for all day nurseries, out of school groups, playgroups and parent and toddler groups.
PIB Group said Albany’s products and services will strengthen its existing childcare insurance offering.
Albany director Alex Keenan said: “Myself and the Albany team made a conscious decision to invest in our business four years ago and as a result we have achieved strong growth and profitability.
“Joining PIB is a significant step in our history and enables us to continue growing with further investment and support from PIB. We’re really looking forward to meeting our colleagues and identifying opportunities to collaborate for the benefit of the group and clients alike.”
As per the terms, Keenan will continue to head Albany on completion of the transaction. PIB revealed that Albany will continue to do business under its own brand.
PIB Group CEO Brendan McManus said: “I’m delighted that Alex and his team have chosen to join PIB. They have remained focussed on their target markets and providing high levels of customer care, which has led to their success today in the childcare sector.
“These are core qualities that we look for in all the businesses we acquire and encourage them to maintain their entrepreneurial spirit while reaping the benefits of become part of our network of PIB Group companies.”
Albany marks the seventeenth acquisition made by PIB till date. It is also the fourth acquisition for the company this year following i2 Healthcare, Lincsafe Health & Safety, Wilby and Lorica Insurance Brokers.
Founded in 2015, PIB offers a variety of specialist teams, products and services to clients across the UK and Channel Islands. The company operates from a network of offices located in London, the Midlands, the North, Scotland, East Anglia, the South West, and Guernsey.