Group staff to enjoy £7.8m payout
Towergate has announced the sale of a £100m stake in the business to US hedge fund Och-Ziff Capital Management Group.
The news follows the collapse of a deal between Towergate and private equity investor Candover, which would have seen Candover take a 25% stake in the business for around £800m.
The deal will see a pay-out of £100 million to Towergate management shareholders and staff and is the second capital release since the business was founded over 10 years ago.
In addition to proceeds for approximately 50 management shareholders, the sale will generate £7.8 million of payments to the group’s staff.
Peter Cullum, executive chairman of Towergate said: “We are very happy to see Och-Ziff and its co-investors increase their investments in Towergate. Over the last ten years we have demonstrated our proven track record of innovation, progression and dynamism, which is a tribute to the commitment and passion of our staff across the country.”
