Capita plc (CPI.L) announced the acquisition of Fish Administration Ltd. from private equity firm Inflexion for 21 million pounds on a cash free, debt free basis. It is noted that this purchase would add greater capacity and valuable new expertise to Capita's specialist insurance broking business.
Fish, whose pro forma operating profit for the 12 months ended May 2011 was 3.5 million pounds on a turnover of 5.8 million pounds, provides specialist insurance products, on a broker basis, to people with disabilities.
Paul Pindar, Chief Executive of Capita plc, stated, "Backed by Capita, and alongside our existing specialist insurance broking business, we anticipate strong potential for growth in the motor, travel, independent living and carer insurance markets, enabling us to take the business from strength to strength."
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