PSC Insurance Group has bolstered its acquisitions firepower with an $80 million capital raising as it eyes potential purchases in Australia and the UK.

“The group has a good pipeline of acquisition opportunities,” it said last week. “In particular, we are considering acquisitions of UK and Australian commercial broking businesses, with a number under due diligence.”

PSC says it has received binding commitments for the placement of 17.78 million shares to selected institutional and sophisticated investors at an offer price of $4.50 per share, with the raising enabling the company to pursue growth plans, while not increasing debt in uncertain times.

The company has completed 12 acquisitions since January last year for a total base purchase price of around $119 million, with the deals contributing an additional $16 million in earnings before interest, tax, depreciation and amortisation on an annualised basis.

The transactions include the purchase of Trust Insurance Services and Abaco Insurance Brokers in the UK and Alliance Insurance Broking Services in Australia.

Bell Potter Securities and E&P Corporate Advisory were joint lead managers for the capital raising, with the shares to be issued on Wednesday.