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HPS and MDP to acquire PFP

PFP, a UK market leader in fee protection insurance, is delighted to announce it has entered into an agreement to sell the company (trading as “Professional Fee Protection Ltd”) to Highbridge Principal Strategies (HPS) and Madison Dearborn Partners (MDP).

The transaction is expected to complete in the next few weeks, subject to regulatory approvals.

Both HPS and MDP are leading US private equity firms with a growing portfolio of leading UK broking brands, including a major shareholding in The Ardonagh Group.

Commenting on the news, Kevin Igoe, Managing Director, said “I am delighted that we have entered into this agreement and I feel this is great news for our accountancy firms and their clients.”

“This will provide PFP and our clients with significant financial security and a wealth of exciting opportunity when it comes to the future development of our products and services. Culture and commitment to customer service were very important to us when finding a buyer and I’m pleased to see PFP will be joining like-minded businesses and leadership teams as part of HPS and MDP’s growing portfolio of insurance companies.”