Houlihan Lokey Advises Admiral Group

Houlihan Lokey is pleased to announce that it has advised Admiral Group plc (Admiral Group) on its sale of Penguin Portals Group (Penguin Portals) and its 50% share of Preminen Price Comparison Holdings Ltd. (Preminen) to ZPG Comparison Services Holdings UK Ltd. (RVU). This transaction closed 30 April 2021.

Penguin Portals is an established international online comparison platform (OCP) group, operating leading brands in each of the UK, Spain, and France, enabling customers to transparently compare and buy essential financial services. The group comprises Confused.com, Rastreator.com, and LeLynx.fr as well as its technology operation Admiral Technologies.

Preminen was formed in 2015 between Admiral Group and MAPFRE within the Penguin Portals Group. It invests in a disciplined manner to deploy and incubate OCPs in selected large, emerging markets.

Admiral Group was founded in the UK in 1993 and has grown to become one of the largest UK motor insurers, as well as having expanded to a global footprint with operations across eight countries. The company is Wales’ only FTSE 100 company.

RVU is the Comparison division of ZPG, which is jointly owned by US-based Red Ventures, a global group of influential brands, digital platforms, and strategic partners as well as Silver Lake, GIC, and PSP Investments. RVU owns home services switching service Uswitch and financial comparison site Money.co.uk as well as a mix of additional brands.

The total transaction value is £508 million, plus a further amount that will accrue until the date of completion of the transaction. MAPFRE will also sell its 25% holding in Rastreator and 50% holding in Preminen as part of the transaction.

Houlihan Lokey served as the exclusive financial advisor to Admiral Group and assisted in initiating, marketing, structuring, and negotiating the transaction. This deal highlights Houlihan Lokey’s long-standing reputation as a leading advisor within the fintech and insurance industries.