Cullum trade-off for IPO
Peter Cullum will lose his majority shareholding in Towergate Partnership as part of a new equity deal, Insurance Age understands.
Investment from an international private equity house, subject to regulatory, banking and board approval, is likely to be concluded this month. Along with a corporate bond issue the company is believed to be generating a £100m additional acquisition fund.
A source said: "It will impact on the identity of the business. It is a trade-off the founders have to take to get to an initial public offering."
Towergate has already stated its plans to seek a market flotation within two to three years. Mr
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