Hyperion grows to £30m EBITDA via Windsor acquisition. Windsor and Howden to merge with Tim Coles heading up the combined company.
Hyperion has bought Lloyd’s broker Windsor for an undisclosed fee.
Hyperion bought out Windsor from its management, staff and institutional backer Hutton Collins Partners LLP.
The acquisition is subject to regulatory approval.
For the year ended December 2011, Windsor reported total income of £37.5m, and an EBITDA of £12m. Hyperion’s earnings last year were £18m. The deal takes Hyperion’s earnings to £30m.
Hyperion has previously stated that it is aiming for a flotation in 2013, although it will depend on capital markets.
David Howden ‘excited’
Hyperion chief executive David Howden said: “Windsor is a very successful Lloyd’s broking group that we have known well for many years. They have a great track record of organic growth and profitability. This growth combined with the excellent cultural and business fit and our similar corporate values, mean that we are very similar businesses on similar paths; ones that we have long hoped would meet. I am excited for the future.”
The combined London broking business will be led by Windsor chief executive John Bennett, reporting to Tim Coles, chief executive of Howden Broking Group.
Coles said: “Windsor has significant complementary strengths, particularly in Professional Indemnity, but additionally they have strong specialities in areas such as Marine, Aviation, Casualty and Binders, which will add great breadth to our capabilities.
“When combined with Howden Broking Group’s international platform, these strengths will deliver considerable synergies which will be fantastic for our clients. ”
Bennett said: “This opportunity is great news for Windsor; it reflects our hard work over the last five years in building one of the UK’s most profitable insurance brokers.
“Most importantly, it will enable us to take our business to the next stage, supporting our objective of expanding our broking presence in the UK and internationally. Hyperion has the global distribution network and financial strength to do this, and we are extremely well matched in our cultures and outlook.”
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