The London Private Equity team advised TowerBrook Capital Partners (“TowerBrook”) in its agreement to acquire leading provider of premium finance for commercial and retail insurance products Premium Credit Limited (“PCL”) from Cinven for an undisclosed sum. The transaction is expected to close in the second half of 2022 and is subject to customary regulatory and antitrust approvals.
The deal further consolidates Goodwin’s global relationship with TowerBrook following the firm’s role advising on the establishment of real estate lending platform Precis Capital Partners and the acquisition of Planet Fitness franchisee ECP-PF Holdings in 2021.
TowerBrook is a purpose-driven, transatlantic investment firm that works to grow and improve large and middle-market businesses by partnering with management teams and employees to build excellent companies that make a positive impact on society. Since inception in 2001, TowerBrook has raised a total of $18.7 billion and invested in more than 85 companies on both sides of the Atlantic.
PCL is a leading provider of premium finance for commercial and retail insurance products, as well as other specialist lending solutions. It provides financing for the payment of insurance premiums, school fees, tax financing, membership fees and season tickets to retail and small- and medium-sized enterprise (‘SME’) customers. The Company’s best-in-class IT platform enables businesses and individuals to spread the cost of insurance premiums and other repeat payments over time. Headquartered in the UK with approximately 400 employees, Premium Credit operates through a network of more than 3,200 partners to serve more than 2.1 million customers.
The Goodwin team consisted of Erik Dahl, Christian Iwasko, Michelle Tong, Stefania Athanassopoulou, Hermina Wong, Tanzilah Iqbal and Jack McCarthy and included Hugh O’Sullivan, Thomas Plowman, Nadim Islam, Dulcie Daly, Nathan Langford, Genevieve Watt, Gretchen Scott, Curtis McCluskey, Joseph Ndep, Glynn Barwick, Sarah Jordan, Cecelia Lockner and Ally McAlpine.
For additional details, please read the press release here.