130
Transactions
OCTOBER 2013
qUattRo GRoUP annoUncE ManaGEMEnt BUYoUt
quattro Group has been bought by its management team, led by Finance director david callé, who assumes the role of chief Executive officer. Previous owner John Murphy has retained a significant stake in the business and has taken over as Executive chairman.
Quattro Group was founded by John Murphy in 1989 and has since grown into a £40m business. As the leading supplier of operated road rail plant in the UK and one of the largest operators of environmental machines, Quattro Group is a significant force in the UK plant industry.
The buyout was backed by the organisation’s existing asset backed lender PNC Business Credit, who have funded Quattro Group for four years, together with ICON Investments, who were instrumental in the successful refinancing of the company in 2009.
Sanderson Weatherall LLP completed valuation due diligence and asset analysis for the benefit of Quattro Plant and their lenders; as specialist Asset Based Lending valuers.
The Sanderson Weatherall team was led by Christian Humphreys, Partner. Christian commented: “The physical quantum of assets, inspection logistics to satisfy lender criteria and difficult profile of rail plant asset valuation throws up challenges in businesses such as this. Sanderson Weatherall have completed many valuations; and assisted on a considerable amount of rail plant sector lending facilities and/or acquisitions. This enabled us to complete comprehensive and concise lending collateral advice, risk and asset management profiles.
“The strong, long standing / established relationships that Sanderson Weatherall has with Quattro Plant and the lenders involved were fundamental in completing such a complex valuation.” LM
aMtRUSt FInancIaL SERvIcES acqUIRES SaGIcoR EURoPE
amtrust Financial Services, Inc. has announced that one of its wholly-owned subsidiaries has entered into an agreement to acquire Sagicor Europe Limited and its wholly-owned subsidiaries, including Sagicor at Lloyd's Limited, from Sagicor Financial corporation for approximately £56 million.
Sagicor of Lloyd's Limited, is a managing agency and owner of Lloyd's property/casualty insurance syndicate 1206 with stamp capacity of £200 million and Lloyd's life insurance syndicate 44 with stamp capacity of £7 million. In addition, SEL includes a Cayman Islands domiciled reinsurance entity. The transaction is expected to close in the fourth quarter of 2013, pending regulatory and other necessary approvals.
International law firm Holman Fenwick Willan advised Sagicor Financial Corporation on the sale of Sagicor Europe. HFW's Partner Ashwani Kochhar said: "This transaction shows the ongoing poularity of the Lloyd's market and the demand for a Lloyd's platform. Those seeking access to Lloyd's through a turnkey arrangement can find that an existing agency is an attractive alternative."
AmTrust Financial Services, Inc., headquartered in New York City, is a multinational insurance holding company, which, through its insurance carriers, offers specialty property and casualty insurance products, including workers' compensation, commercial automobile and general liability; extended service and warranty coverage.
Sagicor is a leading provider of financial services in the Caribbean. Operating in 22 countries, including the UK, USA and Latin America, Sagicor has total assets in excess of US $5.5 billion. The Sagicor Group offers a wide range of products and services including life insurance, annuities and group and individual health and has a policyholder base of approximately 600,000. LM
www.lawyer-monthly.com
Sagicor Europe
Quattro Group MBO
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