Howden, the London-based worldwide insurance coverage dealer, introduced the signing of the acquisition of SPF Non-public Shoppers (SPF), topic to regulatory approval.
Monetary particulars of the deal weren’t disclosed.
SPF was shaped in 2011 after a administration buyout and rebrand of Savills Non-public Finance, the monetary arm of Savills plc, earlier than Cabot Sq. Capital acquired a majority stake within the enterprise in 2018. SPF focuses on residential and industrial mortgage broking, industrial actual property insurance coverage, excessive web price private strains insurance coverage, property title insurance coverage, life assurance and related wealth administration consulting.
Howden stated the deal will lengthen its providing to the mortgage broking market whereas enhancing its present basic insurance coverage and wealth administration providing, together with its excessive web price and personal consumer targeted companies.
SPF will be part of Howden’s UK & Eire enterprise to additional improve its place as an impartial insurance coverage distributor within the area with Mark Harris remaining as CEO, stated Howden. SPF Non-public Shoppers employs 180 folks throughout workplaces in London, Oxford, Tub, Cambridge, Manchester and Guernsey, advising purchasers within the UK and abroad. It’s guardian firm, SPF Group Holdings, additionally owns specialist lender Lendco, which isn’t a part of the Howden transaction.
“SPF and Howden are extremely complementary companies that concentrate on offering the perfect options to our purchasers whereas all the time placing our folks first. SPF will profit from the numerous alternatives that being a part of Howden will ship, with a giant drive into providing our debt product strains throughout the group. We are going to keep it up doing what we do finest, in the end enabling us to develop merchandise to finest serve our purchasers whereas permitting our expertise to flourish,” commented Mark Harris, CEO, SPF.
“With SPF, the latest acquisition of A-Plan and the upcoming completion of Aston Lark, Howden UK & Eire can be a number one end-to-end insurance coverage distributor able to supporting all of our purchasers, no matter their insurance coverage and mortgage wants, underpinned by market-leading digital and knowledge functionality,” stated Carl Shuker, CEO, Howden UK & Eire.
“Howden and SPF have a long-established buying and selling relationship, so SPF becoming a member of the Howden household is a pure subsequent step in our partnership. Its distinctive qualities will drastically improve our providing within the area by diversification into complementary product distribution that can additional place us as a frontrunner in our residence market,” stated Chris Evans, deputy CEO, Howden Broking Group.
“It has been a privilege to associate with Mark Harris and the SPF staff. Since we backed SPF in 2018, the enterprise has strengthened its place because the main UK property, insurance coverage, and wealth middleman for prosperous and excessive web price people, sustaining its differentiated relationship led method while underpinned by important know-how funding,” stated Tarun Sharma, associate, Cabot Sq. Capital. “We’re delighted with the result and are assured SPF will proceed to thrive as a part of Howden.”
Deloitte acted as monetary and tax due diligence adviser and RPC as authorized adviser to Howden on this transaction. KPMG Company Finance acted as adviser to SPF shareholders. HSF acted as authorized advisor to Cabot and Taylor Wessing acted as authorized advisor to administration shareholders on this transaction.
About Howden Broking
Howden Broking, a part of Howden Group, is an impartial supplier of re/insurance coverage brokerage, threat consulting and worker advantages recommendation. Howden includes owned companies throughout Europe, Asia, Africa, Latin America, the Pacific and the Center East. Established in 1994, Howden employs greater than 11,000 folks worldwide.
About Cabot Sq. Capital
Cabot Sq. Capital is a number one mid-market personal fairness fund supervisor focussed on cash-yielding property (actual property, credit score, infrastructure) and associated companies companies in Western Europe. Established in 1996 and headquartered in London, Cabot Sq. Capital is presently managing its fourth and fifth personal fairness funds.
Supply: Howden Broking
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