CPP adds to UK presence with deal for Valeos

CREDIT CARD and mobile phone insurance group CPP has bought fellow Yorkshire firm Valeos for an undisclosed sum as it beefs up its UK presence.

Leeds-based CPP said Valeos has a wealth of experience in services for lost and stolen keys. It will also provide valuable distribution opportunities for other CPP products and services.

Harrogate-based Valeos was founded by CEO David Ross. CPP said the acquisition supports the company’s growth ambitions, following its re-entry to the UK market in March this year.

CPP is looking to combine Valeos’s key protection and assistance capabilities with its Lasu brand portfolio. It added that the deal is an excellent fit for both parties, with the Valeos acquisition enabling CPP to enter the market immediately.

CPP’s managing director of UK new business, Michael Whitfield, said: “2018 has been an exciting year for the development of CPP UK. Acquiring Valeos marks the next step in our journey to rapidly expand our offering in the UK, following our re-entry into the market earlier this year.

“Our aim is to become the goto provider for service innovation and improving the customer experience to meet the needs of our business partners’ customers, distribution channels and strategic objectives. Acquiring agile and innovative companies such as Valeos brings us ever closer to achieving this.”

Mr Ross added: “Joining the CPP family gives Valeos the opportunity to fulfil its potential, in particular by utilising CPP’s expertise in innovative and exciting new technology. I believe we will realise the scale that the key protection product can achieve through this acquisition.”

CPP said its products are designed to provide peace of mind by reducing the stresses of everyday life.