Global Risk Partners

In September 2016, TDC provided an £11M Second Lien Facility to support the regional buy-and build strategy of Global Risk Partners.

GRP was established in 2013 and is backed by Penta Capital, who are supporting the acquisition strategy with a key focus on niche and non-commoditised brokers, MGA’s, portfolios and teams.

At the time of our investment GRP had already made 10 equity-backed acquisitions.  Our financing supplemented the existing equity in the capital structure and provided firepower for eleven further acquisitions as GRP established national scale through execution of a regional hub-and-spoke strategy.

In November 2017, GRP obtained £200m of funding from Ares Capital Europe.  This capital refinanced the existing debt including TDC’s Second Lien Facility and provided further funding for acquisitions in pursuit of GRP’s gross written premium target of £1bn.

Stephen Ross, GRP’s chief operating officer, commented: ‘TDC provided acquisition capital to facilitate GRP’s acquisition of Marshall Wooldridge as our Yorkshire hub in September 2016. They structured the financing in a flexible manner which allowed subsequent funding from HSBC and RBS to come into the structure. This provided the firepower for ten further acquisitions during TDC’s investment period which resulted in Pro Forma EBITDA increase threefold. The deal team at TDC were accessible and executed the deal within a tight timeframe, allowing us to secure the acquisition in a competitive process.”

SectorInsurance

LocationLondon

Deal typeSecond Lien Facility

Deal dateSeptember 2016

Deal amount£11million

SponsorPenta Capital

ExitedNovember 2017

Exited toAres Capital Europe

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Tosca Debt Capital LLP (“TDC”) is an Appointed Representative of Toscafund Asset Management LLP which is authorised and regulated by the Financial Conduct Authority (“FCA”) and registered with the U.S. Securities and Exchange Commission as an Investment Adviser. Tosca Debt Capital LLP is a company registered in England and Wales. Registered number: OC414014