A north west-based payments and fleet services provider has significantly strengthened its insurance division with its latest acquisition.
Radius Payment Solutions, the group behind the telematics and fuel card brands Kinesis and 海角视频 Fuels, has acquired The Burley Group, a provider of fleet, transportation and construction insurance.
Established in the 1950s, The Burley Group is one of South Yorkshire’s largest independent insurance brokers.
The deal will boost Burley’s fleet insurance business, not only through access to 1.2 million 海角视频 Fuel card holders, but also in the development of telematics linked products; a key growth area for insurers.
Earlier this year Radius was recognised as one of the 海角视频’s largest private companies and ranked 19th in the 2019 Sunday Times HSBC Top Track 100 list having seen turnover grow to £2.5bn in 2019.
The Burley Group acquisition is part of a diversification strategy by Radius that was first established by owner and CEO Bill Holmes as a fuel card company in 1990.
It is now one of the world’s leading suppliers of fleet management solutions to a wide range of businesses.
“This move is a great move for Radius as it significantly strengthens our insurance division with a company that has a long history of providing great service to its customers.
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“We plan to both significantly expand the sales operation as well as create new products driven by data from our telematics platform.
"We look forward to working with the MD Matt Mawson and his experienced team over the months ahead as we start to develop and execute our plans,” Bill Holmes added.
Matthew Mawson, managing director, The Burley Group, added: “Joining the Radius group of companies represents a fantastic opportunity for the business and our staff. Aligned, as we are, to the transport sector we sit perfectly with Radius’ fuel card and telematics businesses, providing a great opportunity to maximise growth through its divisions."
The 1.2 million fuel cards that Radius provides to fleet operators are used to buy more than 3 billion litres of diesel a year and its telematics solution is currently installed in over 150,000 vehicles across the globe.
Th group provides an array of products and services to over 300,000 customers and employs over 1,400 people.
It recently opened a state-of-the-art 66,000 sq ft campus headquarters in Crewe and has a tech centre in Manchester.
Radius was advised by BDO (Tom Barford – FDD and Tax) and Gowling WLG (Andrew Lawton-Smith - Legal).
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Burley was advised by Christian Mayo, Stewart Cape and Ed Crocker of KPMG, while Max Kennedy of Foys solicitors acted for the shareholders on the legal aspects of the sale.
The latest deal follows Radius’s acquisition of Sure-Track, a Midlands-based telematics company it acquired last Friday. Sure-Track offers a range of tracking and vehicle camera solutions to the vehicle and plant markets.