Capstone Financial Services, headquartered in Cork, has been acquired by Swedish firm Agria for an undisclosed sum.
Founded in 2008, Capstone operates the Petinsure.ie brand which provides insurance for dogs and cats in Ireland and the Netherlands. The company had a gross written premium of 3.8 million euros last year. In the Netherlands, Capstone operates under the Zoopo brand, offering pet insurance and a pet management tool.
Agria said the acquisition of Capstone gives them an immediate footprint in the Irish pet insurance market which they plan to expand. “There are around 455,000 dogs and 325,000 cats in Ireland with an insurance market penetration of around 10%. This can be compared to Sweden where 90% of dogs and 50% of cats are insured”, the company said.
“I see huge potential to increase the number of insured pets in Europe and I am delighted to accelerate our international growth strategy by adding Ireland and the Netherlands to our operations,” said Agnes Fabricius, CEO of Agria Djurförsäkring.
“We have an ambitious growth plan and Capstone is a profitable and well-functioning business that fits perfectly into our business portfolio.”
Agria is now active in Sweden, Norway, Denmark, Finland, UK, France, Germany, Ireland and the Netherlands
Michael Harty, Managing Director of Capstone, said: “This is great news for the Irish pet insurance market and in particular for Petinsure customers. Agria has an unrivaled pedigree and history in pet care and we are truly excited to see the positive impact Agria will make for pet owners and especially pet insurance customers here. in Ireland and the Netherlands.
Clearwater International acted as lead corporate finance advisor for Capstone, with RDJ providing legal advice.