Penta Capital backs Rubicon

Private equity firm, Penta Capital has committed GBP10 million of development capital to the Rubicon corporation to aid the company’s acquisition of Executive Healthcare from GE Frankona Re. Rubicon was set up in May this year and provides insurance services and solutions, consultancy, policy and claims processing, underwriting and risk support. The acquisition of Executive Healthcare, facilitated by Penta’s investment, is the first stage in Rubicon’s plans for expansion through a combination of organic growth and further acquisitions.

Rubicon was established by joint CEOs Max Carruthers and Bradley Brandon-Cross, both leading figures in the UK insurance industry. Both founders have strong track records of building businesses within the insurance industry.

Brandon-Cross said of the acquisition: “This is an exciting acquisition for Rubicon, it complements our existing operations and consolidates our position in the insurance services sector. We expect EHC, which will be rebranded Rubicon Health, to flourish as part of a larger specialist insurance services group.”

Mark Phillips of Penta Capital who joins the Rubicon board added: “Bradley, Max and their team’s exceptional experience and track record places Rubicon in an exciting position to benefit from these changes, we look forward to making further acquisitions with them and delivering Rubicon’s exciting growth plans.” Glasgow-based Penta Capital currently has funds under management of over GBP137 million.