BC Partners is set to float UK car insurer Sabre on the London Stock Exchange.
The company hopes to raise primary proceeds of £213m (€239.1m) from the IPO, which will be used to buy out the preference shares held by BC Partners and other stakeholders.
The firm acquired Sabre in 2013 from its founders, paying £240m.
BC Partners considered a private sale of Sabre before embarking on an IPO process but bids failed to match its valuation of the business, a person familiar with the matter told Real Deals.
Formed in 1982 and based in Surrey, Sabre sells consumer car insurance through its brands Insure 2 Drive, Go Girl and Drive Smart. It has a particular focus on niche products, such as insurance for young male drivers without a credit history.
During its hold, BC Partners put in place a new management team. It also supported the growth of a direct sales business at Sabre, which formerly primarily sold its products through brokers.
Evercore is advising BC Partners on the listing process.
Private equity firms have made a significant number of investments in the UK insurance sector in recent years.