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Majority stake in tech company Ripe Thinking acquired by US private equity firm Aquiline Capital Partners

Ripe Thinking's founder is to retain a 'significant equity stake'

Ripe Thinking's CEO Paul Williams, marketing director Sarah Jones, chairman Colin Whitehead and founder and managing director John Woosey(Image: Ripe Thinking)

A majority stake in a Greater Manchester insurance technology company has been acquired by a US private equity firm for an undisclosed sum.

Wythenshawe-based Ripe Thinking has entered into a definitive agreement with Aquiline Capital Partners, which is headquartered in New York and has $6.9bn in assets under management.

A digital underwriting and insurance distribution platform, Ripe Thinking was founded in 1997 and will continue to be led by CEO Paul Williams, founder and managing director John Woosey, who will retain a "significant equity stake", and marketing director Sarah Jones.

READ MORE: Landmark Manchester city centre offices sold to Bruntwood Group in multi-million pound deal

The company has more than 280,000 policyholders, protecting their specialised needs across golf, boats, caravans, and cycles, as well as providing insurance to small business owners such as personal trainers, musicians and photographers.

The deal comes after Ripe Thinking reported a 75% jump in its statutory EBITDA to £4.8m for year ending December 31, 2020, while its turnover increased by 25% to £18.8m.

Aquiline Capital Partners, which also has a base in London, also counts the likes of Wealth at Work, MoneyTap and SurePoint among its current portfolio.