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.