Clifford Chance, Linklaters and Travers Smith have all secured roles as private equity house Equistone Partners Europe sold its majority stake in A-Plan Insurance to HgCapital.
HgCapital acquired its stake in the growing insurance broker which saw revenues rise from £44m in 2008 to an expected £73m in financial year to February 2015. This has come with over a doubling of headcount and a further 19 branches taking its total to 73 across the UK.
The PE firm’s partner Andrew Land said: ‘we see great potential in further developing its branch network and specialist lines. Insurance distribution has been a key area of sector focus for us, and we believe we have invested in a true industry champion through this transaction.’
Partner Alex Woodward led the team at Linklaters, demonstrating the strength of the firm’s relationship with HgCapital that had been speculated over after client relationship partner Richard Youle left for White & Case last year. Along with this mandate, Linklaters also worked on the PE firm’s disposal of Manx Telecom through an IPO earlier this year.
Meanwhile, Clifford Chance picked up the work for Equistone on the deal with a team led by partner Amy Mahon with support from partner Ashley Prebble. Travers Smith advised management led by senior partner Chris Hale and additional advice from head of tax Kathleen Russ. Management also took advice from Liberty Corporate Finance.