Hutton Collins is pleased to announce a further refinancing of Windsor Partners, the speciality Lloyds insurance broker. The £28 million senior debt refinancing, provided by Clydesdale Bank, follows on from a previous refinancing in December 2010. The funds raised will be used to repay the final tranche of preferred capital originally invested by Hutton Collins in April 2007.
Windsor provides insurance broking services across a broad range of specialist lines, including marine, professional indemnity, energy, pharmaceutical, aviation and equine. The company has delivered strong organic growth since the 2007 buyout and has diversified into new sectors and new geographies.
Windsor was acquired by its management team and employees in 2007 in a public-to-private transaction supported by preferred capital financing from Hutton Collins. The preferred capital structure enabled the Windsor team to increase their shareholdings from 10% to 78%, with Hutton Collins holding the remaining 22%. This concentration of ownership has helped fuel the company's growth, and since the buyout, Windsor's broking profit has grown at a compounded rate of 25% per annum.
Doug Oppenheim, partner at Hutton Collins, commented:
"Windsor has a proven track record of capitalising on opportunities in both its domestic market and increasingly the international arena. This second refinancing since the 2007 buyout is a reflection of its ongoing growth story and puts the company on a solid footing for the future. We look forward to continuing to support John Bennett and the Windsor team in building a leading business within the Lloyds market."
John Bennett, Chief Executive of Windsor Partners, commented:
"We are delighted to have been able to repay the final tranche of preferred capital invested by Hutton Collins and we look forward to continuing to grow the company with their support. To have refinanced all of the private equity financing within four years of taking a company private is a considerable achievement and we'd like to thank Hutton Collins for their assistance in reaching this milestone."