Announcements

Formation of Group Completed

23 June, 2017 |Ardonagh Group | M&A

KIRS Group Limited (“the Group”), the UK’s leading independent insurance intermediary group, has today confirmed the completion of the acquisitions of Direct Group and Chase Templeton, following the close of a successful £800 million sterling-equivalent bond offering.

The offering comprised £400 million and $520 million senior secured notes from investors in the UK and US.

The Group, which has been created by HPS Investment Partners (“HPS”) and Madison Dearborn Partners (“MDP”), brings together Autonet, Chase Templeton, Direct Group, Price Forbes and Towergate. It will harness market leading positions spanning the breadth of the UK general insurance market with global reach to serve international clients, employing over 5,000 people across more than 100 locations throughout the world.

 

Commenting on this news today, Chairman John Tiner said:

“Following the closing of the recent bond offering, which was significantly oversubscribed among both UK and US investors, we are delighted to welcome some of the world’s leading institutional investors as stakeholders in the execution of the Group vision. We recognise and appreciate their commitment to the Group which brings long term stability and support as we undertake plans to maximise opportunities across our leading market brands.

We will shortly be announcing our new Group name and identity which will bring these businesses together to become a meaningful force in our market place, whilst maintaining market brands which over many years have earned the trust of our clients."

 

David Ross, CEO said:

“We now stand together as an independent Group, with longstanding customer and carrier relationships built on foundations of expertise and experience. 

As we move beyond the formation process, we are focused on refining the common threads that bind these companies together. We will build on plans to maximise the value of the enlarged Group, through pursuing growth, diversification and synergy opportunities.

I’d like to take this opportunity to thank all those who have worked tirelessly over the past few months towards today’s milestone, the moment at which we formally acknowledge the enlarged Group and welcome Direct Group and Chase Templeton into the family.”

 

Bank of America Merrill Lynch acted as Global Coordinator and sole physical bookrunner for the bond offering. Barclays, Credit Suisse, Goldman Sachs and KKR Capital Markets acted as joint bookrunners for the bond offering.

 

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