Perwyn, a prominent European private equity investor, has announced the acquisition of Chipping Norton's Atec Group from Kester Capital.

Atec, a digital distributor of specialist personal lines of insurance products, handles policies on behalf of more than 340,000 policyholders, within its 'insuremy’ and 'compare' portals.

Company CEO Brendan Devine and CFO Ian Gilbert lead the business in the delivery of specialist home and leisure insurance markets.

Mr Devine, CEO of Atec, said: "We are delighted with the investment from Perwyn.

"It is a ringing endorsement of the business we have successfully built and our future strategy."

Atec is expected to gain momentum in its position as a leading specialist insurance platform with Perwyn's partnership.

This momentum will be further bolstered by incoming chairman Matthew Donaldson, formerly CEO of BGL Group and founder of Compare the Market.

"We look forward to supporting the business to even greater heights over the coming years and are particularly pleased to have Matthew Donaldson, a well-known name in the industry, join as Chairman," said Edward Lunken, investment director at Perwyn.

Mr Donaldson added: "Atec already enjoys a market leading position and has significant headroom for growth.

"I’m really looking forward to working with Brendan and the Perwyn team to realise our ambitious goals."