WK Corporate Finance has advised Mobeus Equity Partners on the £8.4m investment to fund the management buyout of Travel & General Insurance Services (T&G), a leading UK provider of financial protection insurance for the travel industry.
T&G is a specialist providing financial protection insurance (surety bonds) to the travel industry, and operates as a Managing General Agent vested with underwriting authority by Hiscox, which acts as the primary insurer. Following the buyout, Hiscox will also support the business's ambition to move into other areas of surety, including bonds for construction projects, leveraging its strong reputation and skilled underwriting base.
The buyout of T&G sees Mobeus backing a strong management team, led by Richard Watson (MD) and Richard Tillett (underwriting director). Tillett has previously worked in construction underwriting at AmTrust and RSA, and has particular experience in opening up new vertical markets. Industry expert Christian Young will join as chairman from completion. He has held senior roles at the AA and Aon, and has non-exec experience.
"Dan and his team got to the heart of the key issues on our acquisition of Travel and General quickly and supported us through some robust negotiations. The team were always willing to go the extra mile and turn information around quickly when required. This marks the second major transaction we have completed with WKCF in 2018 and reflects the strong position they have established in the lower mid market". Chris Price, Partner of Mobeus Equity Partners
For more information please contact:
|Dan Nixon||Daniel Jonas|
|WK Corporate Finance||WK Corporate Finance|
|T: 0207 2343 403||T: 0207 2343 403|