Multi-million pound investment in Towergate
Proceeds to be used for “several key strategic initiatives”.
Madison Dearborn Partners (MDP) has agreed to buy £40m of new shares in Towergate.
MDP first invested in Towergate in November last year when it bought 17.9% of the firm's shares through its investment vehicle Tango which made it the second largest shareholder.
As well as the new £40m investment, MDP has agreed to provide a £25m shareholder loan if needed in the interim.
If this is used it will be repaid from the proceeds of the new shares investment.
Loan
Furthermore, in addition to the £40m
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