BlackFin enters as a majority shareholder in the capital of Concentra to boost its growth

MADRID, 6 Sep. (EUROPA PRESS) -

BlackFin Capital Partners has entered the capital of the Concentra Group with a majority stake, while the current management maintains a significant stake, as reported in a statement.

This is BlackFin's largest investment in Spain to date, although its amount is not disclosed. The European specialist in financial services has explained that he has invested in the insurance and reinsurance brokerage group to boost its growth in the Iberian Peninsula.

With the entry of BlackFin in its shareholding, Concentra will integrate other distribution companies in the sector that will be incorporated under the umbrella of the new group.

Immediately after the closing of the operation by Blackfin, the first acquisition of the new Concentra Group was the insurance broker Segurfer. The incorporation of Hispania, which advises other brokers on insurance and reinsurance solutions through an underwriting agency and a reinsurance broker, will take place shortly.

The new Concentra Group, which now has more than 200 professionals, has thus become one of the three largest independent brokerages in Spain and Portugal, with a turnover of more than 22 million euros in 2022.

The current management will be led by Javier López-Linares, as Executive Chairman, and José Luis Ocón, as CEO. In addition, new professionals have been hired who will join in the coming weeks to strengthen the management team.

The new group will continue to work in three lines of business made up of several brands that will operate independently: retail, wholesale and extension of guarantees.

Retail brokerages Gescobert, Segurfer and UBL Brokers specialize in personal and corporate lines insurance solutions in Spain, while Melior does the same in Portugal. In the wholesale business, it will operate through the Hispania brand and, in the warranty extension segment, Concentra Garantias offers coverage for used vehicle repairs.

"Our goal is to grow in profitability and size with acquisitions that add business volume and complement our current lines of business. Our ambition to become the undisputed leader in the Iberia region (Spain and Portugal), both in terms of customers and revenue, is backed by an ambitious but feasible business plan", stated the executive president of the new Concentra Group.

For his part, BlackFin partner Damien Lestang has declared that the investment is the continuation of his "successful experiences" in the distribution and provision of services in the insurance sector throughout Europe. "In the Concentra Group we have found the entrepreneurial spirit and professionalism that we always seek. We will support the team led by Javier López-Linares and José Luis Ocón in its ambitious growth plan and we are prepared to finance future acquisitions", he stated.