By Ryan Hewlett

Feb 19 - (The Insurer) - Private equity-backed broker consolidator PIB Group has continued to expand its Italian footprint with the acquisition of Elleti Broker SpA.

Rome-based Elleti is a specialist guarantees and sureties broker with more than 700 million euros guaranteed and more than 1,100 policies in its portfolio.

It specialises in a range of surety bond solutions, including tender bonds, provisional and definitive guarantees, VAT refunds, guarantees for EU funding and insurance policies for the renewable energy and construction sectors.

Founded in 2012 by Giuseppe Tirelli, Elleti Broker generated approximately 3 million euros in revenue in 2024.

The deal for Elleti Broker is PIB’s fifth strategic move in the Italian market following the dual acquisitions of Private Broking and Emmeb in September last year, the acquisition of Inside 2.0 in March 2024 and the acquisition of Area Brokers Industria in 2023.

The addition of Inside 2.0, Private Broking and Emmeb Broker, along with Elleti, brings PIB Group Italy’s total revenues to more than 35 million euros.

The move comes against a backdrop of uncertainty for PIB as the consolidator and its private equity owners, Apax and Carlyle, continue to examine strategic options for the expansive group via an Evercore-led sale process which has already secured interest from Cinven and Hellman & Friedman.

Founded in 2015, PIB has expanded aggressively since its creation and now operates in 11 countries.

In the first half of its 2024 financial year to the end of October, PIB Group produced adjusted Ebitda of 74 million pounds, up 9% from the same period in 2023. The company’s revenue grew 6% to 234 million pounds across the same period.