Towergate finalises refinancing programme
Towergate Partnership has announced the completion of its previously announced refinancing and £200m investment from Advent International.
Following the completion of the refinancing, Humphrey Battcock, managing partner, and Nick Rose, director of Advent International, together with Alastair Lyons, have joined Peter Cullum and Andy Homer on the board of the Towergate holding company.
The long-term refinancing includes a £520m corporate bond issue and £410m of new bank debt facilities, of which £90m will be used for acquisitions. The refinancing has resulted in Towergate's total borrowings being reduced by over £100m. It has also
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