Milbank LLP advised Correlation One Holdings Limited (“Correlation”) on the sale of Animal Friends Investments Ltd, which wholly owns Animal Friends Insurance Services Ltd (“Animal Friends”), a UK-based multi-award-winning pet insurance provider to Pinnacle Pet Group (“PPG”), a leading pan-European pet insurance provider backed by JAB Holding Company.
The sale of Animal Friends is subject to customary closing conditions, including applicable regulatory approvals.
Animal Friends is a specialist insurance intermediary with more than 400 employees and a 25-year track record offering affordable pet insurance coverage with exceptional customer service. Animal Friends currently protects more than 1,100,000 cats, dogs, and horses in the United Kingdom and has helped welfare charities and conservation organisations worldwide.
As part of the PPG family, Animal Friends will aim to further build its brand, expertise, and services to expand its reach across the United Kingdom and into new European markets.
Further to the sale of Animal Friends to PPG, PPG and Correlation will form a long-term partnership to drive growth and innovation in pet insurance, including through the likes of Waggel, a fast-growing pet insurtech in the UK; Vet-AI, a veterinary telehealth provider; Biscuit, an innovative rewards and incentives platform for pet parents; and Kozoo, an emerging player in the French pet insurance market. Milbank LLP has also advised Correlation on the establishment of this partnership.
PPG was formed in 2021 to provide owners and animals access to the best insurance and care available across the UK and Europe.
Since launching in 1998, Animal Friends has remained steadfast in its commitment to save animals, inspire change, and protect the future of vulnerable ecosystems at home and abroad. To date, Animal Friends has donated over £7.8 million to more than 700 animal charities, ranging from large scale community campaigns to small contributions and one-off projects.
The Milbank team that advised Correlation on corporate/M&A, anti-trust and tax aspects of the transaction was led by partners James McClymont, Jordan Simpson and Paul Buchan.
The team also included partner Ajal Notowicz (Antitrust), as well as special counsel Andrew Callaghan (Tax) and associates Drew MacDonald, Ronan Craig, Daniel Carolan, Lucy Reville, Aoibheann Harkin, Catriona Mather (Corporate/M&A), Gary Chu (Regulatory) and Marlies Zeck (Antitrust).
