Oakley Capital (“Oakley”), a leading Western Europe-focused private equity firm, has agreed to form a joint venture with Admiral Group plc (“Admiral”) to acquire two of Spain’s most well-regarded digital brokers for insurance and other financial products, Rastreator Comparador Correduría de Seguros S.L. (“Rastreator”) Asesor Seguros Online S.L. and Asesor Consumer Services S.L. (together “Acierto.com”). Completion of the transaction is subject to merger control clearance by the EU Commission as well as the approval of the Directorate-General for Insurance and Pension Funds in Spain.
Rastreator, a digital insurance broker, was founded in 2009 and allows users to buy insurance, financial products, travel, offers, telephone services, energy, finance and cars by comparing quotations. The business is currently 75% owned by Admiral, a British insurance company specialising in the direct sale of car insurance, and 25% by Mapfre, a Spanish multinational company dedicated to the insurance and reinsurance sectors. In 2018, Rastreator generated revenues of €29 million.
Founded in 2007, Acierto.com is a digital insurance broker which enables consumers to compare prices from over 30 car, motorcycle, health, life and home insurance companies. Currently, Acierto.com is majority-owned by its two founders, Carlos and Mario Brüggemann, who will retain a stake in the combined group following the transaction. In 2018, Acierto generated revenues of €13 million.
This transaction continues Oakley’s successful track record of investing in digital platforms across Europe. Having previously invested in Verivox, Germany’s leading energy price comparison website, and Facile, the price comparison market leader in Italy, Oakley has considerable expertise in the price comparison market. The Spanish market is at an early stage in its development, and therefore presents a similar growth opportunity to that experienced by Verivox and Facile as the market develops.