AnaCap Financial Partners announced the management takeover of Simply Business, one of the pioneer brokers in commercial insurance in the UK.

AnaCap's partner Peter Cartwright and Ben Hollowood will join Simply Business' Board of Directors.

Since generating GBP 4.2 million in 2006, Simply Business grew nearly six-folds by reaching GBP22.9 million in 2012. Presently, the company insures 225,000 small businesses in the UK. But that is just a drop in the barrel of UK's addressable market which involves 4.8 million small businesses with GBP 3 billion in written premiums.

Including online sub-segment sales, Simply Business is expected to grow more than a quarter percent each year.

Jason Stockwood, CEO of Simply Business, said the company has combined home-grown infrastructure and innovative products "to place the customer at the heart of the business."

"The management buyout enables us to accelerating our growth aspirations and vision for the future, while continuing to innovate and challenge the traditional industry model," he said.