£5m draw-down facility made available for acquisitions
YFM Private Equity and YFM Venture Finance (YFM) have increased their investment in insurance recruitment specialist, Darwin Rhodes by £1.7m.
In a statement YFM said the investment increased the funds shareholding to 31 per cent and values the Darwin Rhodes Group at £8m. YFM will also provide the group with access to a further £5m follow-on funding for growth.
The statement said: "As part of this growth Darwin Rhodes is actively seeking acquisition opportunities both in the UK and key international markets."
Darwin Rhodes Group chief executive Peter Dunphy added: "The additional capital from YFM will be used to expand Darwin Rhodes’ unique model, organically and through acquisition, to other industries and geographies.
"We have a track record of successful expansion during all stages of the economic cycle and our board and investors are confident that Darwin Rhodes Group will continue to build on this success over the coming years."
Darwin Rhodes Group has doubled its revenues it the past two years. In 2007, it posted profits in excess £1million. Its clients include AIG, Lloyd’s, HSBC, Prudential and UBS.
