their customers. Hopefully that shows other companies thinking of selling that we can be trusted to do the right thing.”
Looking at the Luxembourg deal, he says: “It is a strategic move for us. It opens up new possibilities and gives us access to other jurisdictions and territories. We are really quite excited by that.”
With an eye to the future, he says that the focus remains on growing the business. And he adds: “There is a lot to look forward to and we are just getting started. Our teams have worked really hard to get us where we are and we certainly think there is a lot of opportunity out there for us. Watch this space.”
Chesnara’s dealmaking is part of an overall picture of strong M&A activity across the European insurance industry in 2025 which experts say has led to record-breaking momentum.
New analysis from FTI Consulting show that 789 transactions were announced across the insurance brokerage, managing general agent (MGA), insurance service provider and carrier markets, up by 14 per cent from 694 in 2024.
Jeremy Riley, senior advisor in FTI Consulting’s EMEA Insurance M&A practice, believes the UK and Ireland’s insurance M&A market “has entered a new phase”, with activity remaining strong but “fewer big deals around to command investor attention.”
In contrast, FTI recorded significant dealmaking across continental European markets, including the DACH region of Germany, Austria and Switzerland, Benelux, Italy, France, Iberia, Central and Eastern Europe and the Nordics.
Intense competition for premium platforms Expert View CLEARING UP A
COMMON CONFUSION By David Filmer,
Partner and head of corporate, Forbes
We regularly act for both lenders and investors. Loans and investments are distinct concepts, but the terminology is often conflated, which can cause confusion around the return on investment.
Understanding the difference before parting with funds is crucial, as the choice can significantly affect your return on investment.
A loan typically involves a facility agreement setting out repayment terms, and whether security or a guarantee is required in the event of default.
The documentation depends on the type of security agreed. Returns are usually limited to the repayment of the principal sum together with interest.
An investment, by contrast, usually involves acquiring equity (shares) in a company, meaning you become a shareholder. Returns are typically generated through
dividends or by selling shares at an increased value.
Key considerations include whether you are purchasing existing shares or being allotted new shares, as this affects both structure and documentation.
The rights attached to the shares and the level of involvement offered as a shareholder are also important. Investment structures commonly require a subscription agreement and/or a shareholders’ agreement, which must be negotiated and agreed before completion.
Ultimately, the preferred structure depends on risk appetite and may also be influenced by tax considerations.
We strongly recommend obtaining tax advice before making any investment decisions. In simple terms, lending prioritises certainty of return, while investing focuses on growth and the long-term success of the business.
Jack Mellor LANCASHIREBUSINES SV
IEW.CO.UK
entering and nominating Find out more here
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HAPPENING IN THE BACKGROUND
An east Lancashire business that provides background screening to organisations across the UK has sealed a six-figure deal designed to accelerate its growth journey.
Steve Murray
pushed valuations to as high as 18 times EBITDA in these geographies.
Looking ahead, FTI says there is a continuing appetite among both regional operators and global consolidators to build scale, expand geographically and fill product gaps through M&A.
Jeremy Riley says: “The next chapter in European M&A will be defined by buyers who are more selective, more strategic and increasingly seeking to operate cross-border.”
He adds: “The insurance distribution sector is now defined by unprecedented PE ownership, however, many of these funds are approaching the end of their investment cycles, which will lead to a wave of exits and strategic repositioning in 2026.
“We are also in a period where refinancing needs will create selective buyer opportunities. All this points to an active 2026 market, but one that will favour well-capitalised buyers with clear strategic objectives who can move quickly and can optimise performance under new ownership.”
Blackburn-based Personnel Checks has acquired Manchester-based screening firm Know Your Candidate (KYC) as it looks to expand its presence in the SME market.
The deal adds around 2,000 SME clients to Personnel Checks’ customer base, while expanding the company’s capability to deliver a broader range of compliance and screening services to UK employers.
Founded more than 20 years ago, family run Personnel Checks works primarily with SMEs and employers operating in regulated sectors.
The company processes more than 150,000 DBS checks annually, has grown by over 300 per cent in the past five years, and employs more than 40 people across the UK.
KYC, founded more than 16 years ago, has built a strong reputation for providing straight- forward and accessible screening services to small and medium-sized businesses.
The company was established and led by industry veterans with extensive experience across the background screening sector.
The acquisition aligns closely with Personnel Checks’ long-term growth strategy, which combines investment in proprietary technology with targeted acquisitions to expand its footprint in the UK screening market. The business remains independently owned and self-funded.
Personnel Checks intends to operate KYC as a standalone brand for the foreseeable future, with gradual service enhancements introduced over time.
Chief executive Jack Mellor says: “This is a really exciting and pivotal moment in the history of Personnel Checks.
“Over the past few years, we’ve invested heavily in building our own screening technology platform, and that investment has driven strong year-on-year growth.
“As we looked at how to maintain that momentum, it became clear that a growth- by-acquisition strategy would be the right next step. When we began speaking with the team at KYC, it was clear we were closely aligned, not just in terms of the customers we serve, but also in our approach and values.”
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DEALMAKERS IN VIEW
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