Towergate founder's shareholding reduces after Advent deal
Towergate founder and executive chairman Peter Cullum’s stake in the consolidator has reduced to around 40% from 65%, Insurance Times reports this week.
It follows the sale of a chunk of the business for £200m to global private equity firm Advent on Monday.
Cullum will remain Towergate’s single-largest individual shareholder, with Advent snapping up a shareholding of around 45%.
This valued the company at around £445m, however sources said Towergate’s actual value was closer to £1.5bn when including debt, preference shares and other assets.
Insurance Times understands that Advent’s ultimate shareholding when it exits after a flotation, expected in three to five years, will depend heavily on performance.
Click here for the full story from this week's issue of Insurance Times, out in print tomorrow.
To read the thoughts of chief executive Andy Homer on the Advent deal, click here.
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