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
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Most read
- Zurich strikes five-year capacity deal with MGA Freedom Services
- Aviva to open branches in Chelmsford and Southampton
- Dual to open two UK offices as McGinn’s regional push gathers pace