Brachers advises Craftinsure on sale to Ripe Thinking

Brachers LLP

Deal type: Aquisition
Industry Sector: Insurance
Completion date: 21st November 2023
Adviser(s): Brachers

Brachers advises Craftinsure on sale to Ripe Thinking

Brachers has advised Craftinsure on the sale of its UK operations to Ripe Thinking.

Established 22 years ago, Craftinsure offers specialist insurance for boat owners. Founders, Mark Lee and Rob Cage, will continue to lead the business as they embark on this new voyage.

Craftinsure and Ripe’s combined expertise will benefit consumers by continuing to provide the high-quality experience clients have come to expect, backed by new technology and marketing to help drive future growth.

The Brachers team was led by James Bullock (Head of Corporate) who was assisted by Alistair Wickham (Corporate Associate) and Charlotte Berthel (Corporate Paralegal).

Resolution Partners brokered the deal and provided substantial assistance to the Craftinsure team while Sam Jones of Kreston Reeves provided tax advice to the sellers.

Rob Cage, Co-Founder and MD of Craftinsure, said: “We look forward to working with Ripe on the next step in our journey. As boat owners ourselves we set out to bring the best possible insurance options to people who love boating as much as we do. We are confident that through this move, we will be able to leverage Ripe’s technology and marketing expertise for our customers.”

James Bullock, Partner and Head of Brachers’ Corporate and Commercial team, added: “We were delighted to work with the shareholders of Craftinsure on this deal which is the culmination of years of hard work and commitment by the Founders. We have a real specialism with transactions in the regulated insurance sector which we were able to bring to the table for their benefit.”

Ripe was advised on the transaction by EY (legal and tax), with financial diligence provided by Deloitte.