Private equity firm Sun Capital Partners has acquired leading non-standard insurance provider Complete Cover Group, alongside its existing management team from Darwin Private Equity.
The acquisition was completed in January 2020, following the receipt of regulatory approvals in both the UK and Gibraltar.
Capital Law’s corporate team, led by Philip Barratt with support from Laura Spendiff, Mel Williams and more than twenty specialists from around the firm, advised Sun Capital Partners on all legal aspects of the transaction.
Our support involved legal due diligence, negotiation of the acquisition and equity documents and co-ordination of exchange and completion. Our financial services regulatory team also provided support with the change of control requirements of the Financial Conduct Authority and Gibraltar Financial Services Commission.
Sun Capital Partners is a specialist provider of private capital, having led, managed and invested in successful transactions worth more than £15 billion. Current investments include Keepmoat (housebuilding), Auctus Industries (aerospace) and Uro (real estate). Realised investments include Pearl Group (life insurance), CenterParcs and Punch Group (hospitality). It had been looking to invest in the insurance sector for some time, and this transaction has enabled it to do so.
It is also a very positive step for Complete Cover Group – which is focused on the non-standard UK motor market and offers annual and short-term cover for private cars, commercial vehicles and taxis – as it seeks to become the ‘Go To’ provider of non-standard insurance products and services.
Philip Barratt, Partner at Capital Law, said:
“Complete Cover Group provides Sun Capital Partners with a fantastic platform from which they can work with the management team to develop a market leading provider of non-standard insurance products and services. We were delighted to help Caspar and Edward on this transaction, which required our private equity expertise as well as collaboration with sector-focussed specialists. I look forward to seeing Complete Cover Group grow, and to working with Sun Capital Partners in the future.”
Edward Spencer-Churchill, Partner and Founder at Sun Capital Partners, said:
“We are excited to have found in Complete Cover Group a strong company in an interesting niche, and we are thankful for Capital Law’s support in completing this deal. Their advice has helped us, not only to execute the transaction in just a few months, but also to navigate the associated regulatory regimes. The thorough but pragmatic approach taken by Phil and the rest of the team has been crucial to ensure we could deliver the acquisition successfully.”
Capital Law’s private equity team has a wealth of private equity experience, which it uses to provide practical, commercial advice at every stage of the investment life cycle to the investors, management teams, vendors and investee companies it works with.
The team was shortlisted for Regional Legal Advisor of the Year in the 2019 Real Deals Private Equity Awards, which recognise the best in European Private Equity.