PIB buys beauty specialist Balens

The investment, which is undisclosed includes Balens in the UK and the wholly owned subsidiaries Balens Europe which is based in the Netherlands and regulated by the AFM (therefore pending regulatory approval).

The move also adds Balens Insurance Finance Services to the PIB list of deals.

PIB detailed that Balens is a fourth generation family run establishment and boasts a 72-year trading history and is one of the largest brokers of its kind in the UK.

Expertise

Brendan McManus, CEO for PIB Group commented: “This is a very special business, and I am absolutely delighted that PIB Group will become their new home. Over several decades, David and the team have built an excellent business and earned a loyal customer base.

“Their deep expertise in their specialist areas is an obvious draw for PIB. However, we have been equally impressed by their genuine concern for customers, ethics and integrity that is firmly engrained in their culture. They’re a great fit for PIB. We look forward to working with everyone at Balens to build on their heritage for further success.

David Balen, chairman for Balens, added: “I am delighted that we will be joining the PIB Group! This is an important step for Balens to help take us up to the next level. It will also help develop and improve our structures and service, giving us a greater resilience and bargaining power on behalf of our clients.

“Our family has been on an amazing journey since 1950, and much of our success is testament to our brilliant teams over the years and our loyal clients. I have always believed that insurance is about trust, quality relationships and good communication as the essential roots to our ever-growing tree as depicted in our logo and brand. I believe our values are very much aligned to those of PIB, which will be a great new home, from which to continue to grow and expand our business ethically and organically into the future.”

Specialisms

Balens’ main area of specialisation is to provide insurance in the UK and Europe for around 100,000 health, wellbeing, fitness and beauty professionals, businesses, affinity groups and the not-for-profit organisations.

Established in 1950 by musicians Harry and Lily Balen, Balens initially specialised in the entertainment profession. It has a 70-strong team and is headquartered in Malvern along with a small Amsterdam team for the Dutch business.

Joe Balen, joint MD for Balens, commented: “This is an exciting opportunity for Balens, our staff, and clients. We have always been focused on continually evolving, and having recently navigated the challenges of Brexit and the global pandemic, are now looking to the future. Being part of something bigger like PIB means we can look ahead to a very exciting next stage whilst tapping into the stability of PIB’s resources and networks to take our company to another level. I’m really looking forward to the opportunities this will bring.”

Josh Balen, joint MD for Balens, added: “I’m delighted that Balens is entering a new phase in its history by joining PIB Group as our long term destination. We chose PIB because they are different. While the focus is on bringing in niche businesses and specialists to the Group, there is a true emphasis on ensuring that those specialists have the space to get on with what they’re good at.

“With PIB and the additional resources plus expertise they bring we can revisit some of our ambitions, such as extending our offering to the wider European community and bringing into action long awaited new products and services. But first off, our focus will be to enjoy setting down roots in our new home and looking after our people and clients. I am really excited for what the future holds and the opportunities that lie ahead on our new journey with PIB.”

This is PIB’s ninth acquisition of 2022, which has included businesses spanning the UK, Poland, Ireland and Spain. PIB is backed by Apax funds and The Carlyle Group.

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