Founded in 2010 by three childhood friends, Xavier Aguera, Charles Brun and Quentin Couturier, and based in Paris, IZIPIZI has grown to become a notable global eyewear brand, offering a large range of fashionable glasses, combining style and quality at attractive prices. In 12 years, the brand has diversified its product range beyond reading glasses, with the addition of sunglasses, screen glasses, children’s glasses and sports glasses. IZIPIZI is now widely recognized as a premium brand, distributing their glasses worldwide for all ages and for every occasion.

IZIPIZI has demonstrated strong growth thanks to its global reach and multichannel distribution strategy, notably through a broad wholesale network of 7,000 points of sale which includes select concept and fashion stores, designer opticians and department stores, but also through the development of its own D2C online and retail distribution notably in Paris, Brussels and London. TowerBrook will look to draw on its resources and deep sector expertise to help IZIPIZI achieve its ambition to anchor the brand as a major eyewear player globally, by accelerating its development and awareness in international markets, including key countries such as the United States where the company intends to install a local HQ.

Xavier Aguera, Charles Brun and Quentin Couturier, co-founders of IZIPIZI, said:

“We are excited to begin this new chapter with the TowerBrook team. They truly share our values, and with their extensive investment track record and global network, they have convinced us they are the right partner to help IZIPIZI accelerate its growth and achieve its ambition of becoming the leading eyewear brand globally. We are also very happy and proud to build a partnership with the first mainstream private equity firm to be certified as a B Corp. We would like to thank gratefully Jean-Pierre Guichard, founder of Manutan, and its family office MouvemenT & Finance, for their trust and all the experience and kindness brought to IZIPIZI since their investment in 2012.”

Karim Saddi, co-CEO of TowerBrook, said:

“We were very impressed by the strength and the sustainability of the IZIPIZI brand and the quality of the people who contributed to building it. It is in TowerBrook’s DNA to support and invest alongside passionate and successful founders such as Charles, Quentin and Xavier and we are looking forward to supporting the business in its next phase of growth, in France and abroad, with the full contribution of our TowerBrook eco-system.”

TowerBrook Capital Partners (“TowerBrook”), the London and New York-based international investment firm, today announces that it has agreed to acquire Premium Credit Limited (“the company”) from Cinven.

Premium Credit is a provider of premium finance for commercial and retail insurance products, as well as other specialist lending solutions.  The company has driven consistent growth through the development of a sophisticated technology platform and expansion into new product areas, building on Premium Credit’s core capabilities.

TowerBrook is an experienced investor within the financial services sector, with highly relevant expertise across fintech, insurance and specialty finance companies.  Current investments in the sector include the AA Ltd, Access Financial, Battea, CAVU Investment Partners, EisnerAmper, Orchid, Précis Capital Partners, ProSight, Rewards Network, PennantPark-TSO Senior Loan Fund and Validity Finance. In 2019, TowerBrook was certified as a B Corporation (“B Corp”), becoming the first mainstream private equity firm in the world to receive this certification which recognises the firm’s longstanding commitment to social and environmental stewardship.

Commenting on the acquisition, Joseph Knoll, Managing Director at TowerBrook, said: “We are very excited to have agreed to acquire Premium Credit, a high-quality business with strong prospects for continued growth. We have been hugely impressed by the company’s technology platform, best-in-class management team and successful diversification into new product areas, and we believe that TowerBrook is well-placed to support Premium Credit with its next chapter of growth and success.”

Tara Waite, CEO of Premium Credit, added: “After a successful period under Cinven’s ownership, we are delighted to have the opportunity to partner with TowerBrook in the years ahead.  TowerBrook has an impressive history of investing in financial services companies, is a leader in responsible ownership, and has a dual capability of an investment team and internal Portfolio Group to help us create value.  It is clear from our discussions over recent months that they will bring significant expertise to help Premium Credit go from strength to strength.  We look forward to working closely with them to realise our shared ambitions for the business.”

The transaction is expected to close in the second half of 2022 and is subject to customary regulatory and antitrust approvals.  Financial terms were not disclosed.

Orchid Underwriters Agency, LLC (“Orchid”), a specialty underwriter of catastrophe-exposed property insurance, announced today that its financial sponsors, led by TowerBrook Capital Partners L.P. (“TowerBrook”), an international investment management firm, have entered into a definitive agreement to sell the company to Brown & Brown, Inc. (“Brown & Brown”), an insurance brokerage firm. The sale comprises all of Orchid’s Managing General Underwriter (MGU) and wholesaling business, along with its High-Net-Worth segment and CrossCover Insurance Services, LLC (“CrossCover”). Financial terms of the transaction were not disclosed.

Established in 1998, Orchid is a leading administrator that represents insurance and reinsurance providers and partners with qualified independent retail brokers and select wholesale brokers. Orchid delivers proprietary and customised insurance solutions for homeowners in coastal zones and for high-net-worth customers. The Orchid management team partnered with industry veteran Scott Hanson to establish CrossCover, which provides Excess and Surplus (E&S) commercial property solutions for customers across the United States.

Orchid and CrossCover will be joining Brown & Brown’s National Programs segment. Orchid and CrossCover will continue to operate as independent entities within National Programs, including maintaining principal operations in Vero Beach and Tampa, Florida and Cypress, Texas.

John Lumelleau, Chairman of Orchid, stated, “We are proud of what we have achieved at Orchid and the carrier support and confidence we earned in doing so. Brown & Brown recognized our continuing success and the value we have built. It is especially gratifying to know that our leadership group that made this possible will have the opportunity to continue growing Orchid and CrossCover as part of the Brown & Brown National Program segment.”

Today’s announcement will help to further advance the company’s strategic growth initiatives that have been developed under the leadership of Chief Executive Officer Steve Carlsen, President & Chief Operating Officer Kathy Cody, Chief Financial Officer Michael Garamoni, Chief Underwriting Officer Ross Bowie, Chief Information Officer Carey Smith and in partnership with Scott Hanson, President of CrossCover.

Steve Carlsen added, “The announcement today is a function of the incredible work done by the Orchid team and its sponsors. We are grateful for the financial support and guidance from our partners at TowerBrook and for John Lumelleau’s counsel and mentorship. Orchid and CrossCover have ambitious plans, and we’re eager to join the team at Brown & Brown.”

“On behalf of TowerBrook, I would like to thank the entire leadership team at Orchid for their partnership over the past several years. It has been a pleasure working with them and we are grateful for the significant contributions made by Steve Carlsen and the rest of the management team in developing a number of initiatives that have grown Orchid’s business under our ownership,” said Jonathan Bilzin, Co-Chief Executive Officer of TowerBrook Capital Partners. “We believe Brown & Brown provides the right platform to foster Orchid’s continued success.”

TowerBrook Capital Partners (“TowerBrook”) has entered exclusive discussions to acquire a stake in the GSF group (“GSF”).

Owned and controlled by the Noisiez family since its establishment in 1963, GSF has grown considerably to become a reference for quality in the French cleaning sector, employing more than 41,000 people and generating 1,098 million euros in revenue in 2021.

The Noisiez family will remain significantly invested in GSF and will continue to be involved in the group’s governance bodies.

The new partnership with TowerBrook will ensure strong continuity in the strategy and management of GSF. It will support GSF in accelerating its growth, continuing to develop its activities and further diversify its service offering.

“TowerBrook is well-equipped to support GSF in its future development, due to its experience and network in the business services sector. Its overall experience of investing in companies in the French and European markets represents a real opportunity for the Group” says Christophe Cognée, President of the Management board of GSF.

“We are strongly convinced that GSF is well positioned strategically within its sector and are therefore enthusiastic about the idea of working on the development of a partnership, and actively supporting the group and its management team on its future development plans”. says Jean Rollier, Managing Director at TowerBrook.

The transaction will be subject to the approval of the relevant authorities and is expected to be finalised before summer.

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Global LPs and GPs representing $8.7 trillion USD in AUM and more than 1,400 private companies commit to collaborative ESG reporting system in its inaugural year.

Since its launch in September 2021, the ESG Data Convergence Project, which seeks to standardise ESG metrics and provide a mechanism for comparative reporting for the private market industry, has announced a milestone commitment of over 100 leading general partners (GPs) and limited partners (LPs) from across the globe to its partnership. The collaboration now represents $8.7 trillion USD in AUM and over 1,400 underlying portfolio companies with new involvement from firms including Apollo Global Management, Ares Management, Goldman Sachs Asset Management, Hermes GPE, and Oaktree Capital Management.

The group is working to streamline the industry’s historically fragmented approach to collecting and reporting ESG data, enabling greater transparency and more comparable portfolio information for LPs. With increased portfolio company representation, the partnership will continue to expand its collection of industry representative data which is expected to increase the quality, availability and comparability of ESG data in private markets.

In Spring 2022, the inaugural data from the ESG Data Convergence Project members will be aggregated into an anonymised benchmark by Boston Consulting Group (BCG) for the 2021 calendar year. The initial data covers the following six categories: greenhouse gas emissions, renewable energy, board diversity, work-related injuries, net new hires, and employee engagement.

Intent on creating a long-term mechanism for improving comparative reporting, the group will meet annually to review and assess the prior year’s data, and to build upon and add to the initial metrics. As part of these efforts, the group is also working to expand more broadly in private markets to include asset classes such as private credit.

Private equity industry stakeholders are encouraged to join this partnership of over 100 members to gather better, more informed ESG data, and in turn collectively drive greater progress on critical ESG issues. To learn more about this initiative and how to get involved, click here.

Companies committed to the ESG Data Convergence Project:

TowerBrook proudly announced that it received a score of 100 on the Human Rights Campaign Foundation’s 2022 Corporate Equality Index, the nation’s foremost benchmarking survey and report measuring corporate policies and practices related to LGBTQ+ workplace equality. TowerBrook joins the ranks of over 840 major U.S. businesses that also earned top marks this year.

Abrielle Rosenthal, Chief Sustainability Officer and Chief Human Resources Officer at TowerBrook, said, “Building and supporting a truly diverse and inclusive team is not only the right thing to do, it is better for our business and leads to better decision making. At TowerBrook, we seek to recruit highly talented people from a diverse pool of candidates and foster a working culture where integrity, teamwork, respect for each other and equal opportunity are central and at the core of our firm’s identity. We are thrilled to have received the top score on the CEI and look forward to continuing to be one of the best places to work for LGBTQ+ individuals.”

“When the Human Rights Campaign Foundation created the Corporate Equality Index 20 years ago, we dreamed that LGBTQ+ workers—from the factory floor to corporate headquarters, in big cities and small towns—could have access to the policies and benefits needed to thrive and live life authentically,” said Jay Brown, Human Rights Campaign Senior Vice President of Programs, Research and Training. “We are proud that the Corporate Equality Index paved the way to that reality for countless LGBTQ+ workers in America and abroad. But there is still more to do, which is why we are raising the bar yet again to create more equitable workplaces and a better tomorrow for LGBTQ+ workers everywhere. Congratulations to TowerBrook for achieving the title of ‘best places to work for LGBTQ+ equality’ and working to advance inclusion in the workplace.”

The results of the 2022 CEI showcase how 1,271 U.S.-based companies are not only promoting LGBTQ+-friendly workplace policies in the U.S., but also for the 56% of CEI-rated companies with global operations who are helping advance the cause of LGBTQ+ inclusion in workplaces abroad. TowerBrook’s efforts in satisfying all of the CEI’s criteria earned a 100 percent ranking and the designation as one of the Best Places to Work for LGBTQ+ Equality.

In 2002, the first year of the CEI, only 13 companies achieved a top-score, demonstrating the incredible impact the CEI has had on the business world over its 20-year life. This year’s CEI reflects growth across every measurement category, from the adoption of inclusive non-discrimination policies, to equitable healthcare benefits for transgender employees.

The CEI rates employers providing these crucial protections to over 20 million U.S. workers and an additional 18 million abroad. Companies rated in the CEI include Fortune magazine’s 500 largest publicly traded businesses, American Lawyer magazine’s top 200 revenue-grossing law firms (AmLaw 200), and hundreds of publicly and privately held mid- to large-sized businesses.

The CEI rates companies on detailed criteria falling under four central pillars:
● Non-discrimination policies across business entities;
● Equitable benefits for LGBTQ+ workers and their families;
● Supporting an inclusive culture; and,
● Corporate social responsibility

The full report is available online at www.hrc.org/cei

The Human Rights Campaign Foundation is the educational arm of the Human Rights Campaign (HRC), America’s largest civil rights organisation working to achieve equality for lesbian, gay, bisexual, transgender and queer (LGBTQ+) people. Through its programs, the HRC Foundation seeks to make transformational change in the everyday lives of LGBTQ+ people, shedding light on inequity and deepening the public’s understanding of LGBTQ+ issues, with a clear focus on advancing transgender and racial justice. Its work has transformed the landscape for more than 15 million workers, 11 million students, 1 million clients in the adoption and foster care system and so much more. The HRC Foundation provides direct consultation and technical assistance to institutions and communities, driving the advancement of inclusive policies and practices; it builds the capacity of future leaders and allies through fellowship and training programs; and, with the firm belief that we are stronger working together, it forges partnerships with advocates in the U.S. and around the globe to increase our impact and shape the future of our work.

EPSA, a global player specialised in operational and financial performance has announced today a minority investment from funds advised by TowerBrook Capital Partners L.P. (“TowerBrook”), RAISE Investissement (“RAISE”) and CAPZA Expansion (“CAPZA”).

This strategic investment will help drive EPSA’s long-term growth initiatives, which include accelerating the evolution of service offerings, investing in digital solutions, and strategically expanding via organic growth and targeted bolt-on acquisitions. These initiatives will continue to enhance EPSA’s client service and expand the company’s geographic footprint.

At a time when companies are subject to increasing pressure on supply chains and seeking to take advantage of opportunities for accelerated digitisation, EPSA has positioned itself as a major player in driving business performance – and in helping leading companies and public administrations to navigate the social and environmental challenges that will shape the economy of the future.

Matthieu Gufflet, CEO and Founder of the EPSA said: “We welcome the arrival of TowerBrook as shareholders and look forward to working alongside a partner with transatlantic and international experience, as well as the ambition to make EPSA the leading player for delivering lasting performance and optimisation tools and processes.”

According to Karim Saddi, Managing Director and Co-President of TowerBrook: “EPSA’s world-class offering, the quality of its management team and its strong culture of entrepreneurship have been key factors underpinning the historical growth of the business. TowerBrook is proud to support EPSA on its next phase of growth as it continues to provide high-quality global support and comprehensive, tailor-made solutions to boost the competitiveness of European companies.”

White & Case provided legal advice to the Company and Management. BNP Corporate Finance provided advice to the Company and Management. Ayache provided legal advice to TowerBrook, RAISE Investissement and CAPZA Expansion. Mazars, AT Kearney, Eight Advisory and A&M provided additional guidance.

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