Towergate announces the sale of £100 million preferred ordinary
shares to an investor group led by Och-Ziff capital management
Towergate Partnership ("Towergate"), Europe's largest
independently owned insurance intermediary, today announces that it
has raised £100 million through the sale of preferred ordinary
shares to an investment group led by affiliated investment funds of
Och-Ziff Capital Management Group (Och-Ziff).
The sale follows the acquisition by Och-Ziff and Reservoir
Capital Group of £100 million of preference shares in November
2006.
The preferred ordinary share sale triggers a pay-out of £100
million to Towergate management shareholders and staff and
represents the second capital release since the business was
founded over 10 years ago.
In addition to proceeds for approximately 50 management
shareholders, the sale will generate £7.8 million of payments to
the Group’s staff rewarding them for the value that has been
created and incentivising them for further growth.
Peter Cullum, Executive Chairman of Towergate said: "We are very
happy to see Och-Ziff and its co-investors increase their
investments in Towergate. Over the last ten years we have
demonstrated our proven track record of innovation, progression and
dynamism, which is a tribute to the commitment and passion of our
staff across the country. Today's announcement marks an important
value realisation event in the Towergate journey in which a large
number of our staff will participate."
Towergate was advised by Lexicon Partners.
Media Contacts
Russell O'Connor
Group Communications Manager
Towergate
Tel: 01622 656782
Mobile: 07760 282586
Email: Russell.o'connor@towergate.co.uk