Advent deal may see Towergate float in three years
Advent International has agreed to inject £200m, including a £90m acquisition fund, into Towergate Partnership, Insurance Age understands.
As a result of the deal, Advent will acquire minority shareholdings in each of Towergate and Cullum Capital Ventures (CCV). Towergate confirmed that Peter Cullum will remain the largest single shareholder.
It is expected that the global private equity firm will look to exit in three years which may result in Towergate looking to float on the stock market.
Towergate said the investment agreement with Advent was conditional upon raising new debt facilities through the bank and bond markets. It is
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