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Lucida Group: Creating a market leader

Minority investment helps the management team to grow through acquisition.

Sector
  • Financial services

Lucida Group is a market leading insurance broking group.

Deal type
  • Development capital
Investment

£28m

Lucida Group is one of the UK’s leading insurance broking groups. Formed in 2021, it brings together thriving UK broker businesses including Right Choice Insurance Brokers, Bennetts and Moorhouse.

Preparing for expansion

LDC originally backed the management team of Right Choice Insurance Brokers (RCIB), a leading motor insurance specialist, in 2018 to support the business to pursue an acquisitive growth strategy.

Founded in 2008, RCIB had grown achieved strong growth year-on-year.

Our £28m minority investment provided the management team, led by CEO and Founder Mike Joseph, with the backing it needed to develop the business’ proprietary software and technology platform to further accelerate growth and prepare it to integrate complementary acquisitions.

Building a market-leading group

In the first half of 2021, the management team began to execute its buy and build strategy.

LDC supported RCIB in acquiring a string of brands including Autosaint, Ladybird and First Van, as well as the Motor brand from Kingfisher Holdings. The business also acquired Bennetts Motorcycling Services from a subsidiary of The Ardonagh Group. Founded in 1930, Bennetts provides cover for more than 200,000 motorcyclists across Great Britain and Northern Ireland. It also operates BikeSocial, an online news and advice platform.

In August 2021, RCIB completed its acquisition of Caerphilly-based broking house Moorhouse Group. The acquisition further expanded RCIB’s opportunities to grow and develop online distribution for SME customers through Moorhouse Group’s constructaquote.com brand.

Following the acquisitions in 2021, LDC backed the RCIB management team to create a new insurance broking group, Lucida Group. The group brings together the portfolio of businesses developed by RCIB, and provides support to help each organisation deliver a best-in-class experience for customers.

Lucida Group has a strategy to drive ongoing growth and success by supporting its specialist businesses to grow in their respective niches. The group is also seeking out further potential complementary acquisitions.

orange quote mark
Having held a longstanding relationship with LDC, partnering with them was a natural fit and we are excited to move forward with our shared ambition.”
Mike Joseph, Chief Executive
Lucida Group

Awards

Claims Partner of the Year

Insurance Times Awards 2016

Technology Partnership of the Year (Claims)

Tech and Innovation Awards 2016

Private Equity Deal of the Year

Right Choice Insurance Brokers – Insider Central & East Dealmakers