SRG, a UK-based insurance coverage middleman, has entered a definitive settlement for acquisition by personal fairness investor Warburg Pincus and Singapore’s Temasek.
Whereas the monetary phrases weren’t publicly disclosed, Bloomberg sources estimate that the deal values SRG at greater than £1bn, together with debt.
SRG’s administration group will retain a major stake within the enterprise, investing alongside Warburg Pincus and Temasek.
The acquisition is predicted to facilitate SRG’s enlargement into new worldwide markets, notably in Europe and Asia.
SRG’s earlier backer, HGGC, had appointed Evercore to handle a selective gross sales course of.
Since its inception in January 2020, below group CEO Warren Downey and group deputy CEO Lee Anderson, SRG has skilled each natural and inorganic progress.
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The corporate now has greater than 600 workers and locations premiums exceeding £1bn.
Warburg Pincus managing director James O’Gara mentioned: “We have now been following SRG’s development over the previous few years with eager curiosity, and are delighted to accomplice with the enterprise and its very proficient group on their subsequent stage of progress. As lively and skilled buyers into insurance coverage companies globally, we imagine SRG has all the proper elements – expertise, capabilities and tradition – to construct on its place as a real standout amongst European and worldwide intermediaries.”
Downey added: “We’re thrilled to be partnering with such excellent buyers as Warburg Pincus and Temasek. They’re preferrred companions who will present the assist and firepower we want as we embark on the following thrilling stage of our progress journey.”
The deal is topic to customary closing situations.
In December 2023, SRG agreed to amass CBC, an insurance coverage dealer and subsidiary of Paladin Holdings.
This marked SRG’s nineteenth acquisition and its sixth in 2023, enhancing its portfolio within the UK, Eire and globally.
Moreover, in September 2023, SRG launched a brand new division, Specialist Danger Leisure Media and Sport, to serve the worldwide leisure, media and sports activities sectors, leveraging the corporate’s present distribution channels.
