American private equity firm Madison Dearborn Partners (MDP) has become the second biggest shareholder in British brokerage giant
Towergate.
The Chicago-based firm, through its investment vehicle Tango Investments, has purchased all the shares in Towergate’s holding companies, Sentry Holdings Limited (SHL) and TIG Topco Limited (TTL).
Following the completion of the deal, MDP is now the holder of 17.9% of the voting rights in TTL and 37,577 A Shares and 15,865,976 warrants in SHL.
Madison Dearborn joins HPS Investment Partners, KKR Credit Advisors and Bain Capital Credit as Towergate shareholders.
The four companies now own 95.3% of shares in the major UK insurance broker.
“The power our business takes from a strong, long term and supportive investor base cannot be underestimated,” said Towergate CEO David Ross, commenting on the completed deal.
“With this in mind, I am proud that Madison Dearborn Partners has become our second largest shareholder following the successful close of the offer,” Ross added. “We look forward to working with them as we continue to deliver upon our fix agenda and plan for growth.”
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