[January 16, 2013] |
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Lightyear Capital Announces Closing of Controlling Investment in Cooper Gay Swett & Crawford Limited
NEW YORK --(Business Wire)--
Lightyear Capital LLC ("Lightyear"), a New York-based private equity
firm focused on financial services investing, announced today that an
affiliated investment fund of Lightyear Fund III, L.P. and institutional
co-investors have closed a controlling investment in Cooper Gay Swett &
Crawford Limited ("CGSC" or the "Company"). Lightyear previously
announced the signing of a definitive agreement on October 22, 2012.
CGSC is one of the largest global wholesale insurance and reinsurance
brokers placing over $4 billion in premiums for clients in the London,
U.S., and international insurance markets. Headquartered in London and
employing more than 1,400 staff across 60 offices worldwide, CGSC
specializes in hard-to-place insurance policies. In 2011, CGSC reported
revenues of $344 million and EBITDA of $69 million.
"We are excited by the long-term growth opportunities in the lobal
insurance brokerage industry," said Donald B. Marron, Chairman of
Lightyear.
"Toby Esser has done a wonderful job leading this business, and we look
forward to working with him and management to accomplish his ambitions
for CGSC in the future," said Mark F. Vassallo, Managing Partner of
Lightyear.
"With the closing of the Lightyear-led investment, we are ready to take
CGSC to the next stage of its development," said Mr. Esser, Chief
Executive Officer of CGSC. "Together with Lightyear's financial services
expertise, we are confident that our excellent people and global
platform strongly position the Company to take advantage of the many
opportunities available in the global insurance market."
Terms of the agreement were not disclosed.
About Lightyear Capital LLC
Lightyear Capital is a leading private equity firm making primarily
control investments in North America-based, middle-market financial
services companies. Based in New York, Lightyear, through its three
affiliated private equity funds, has raised over $2.5 billion of capital
and has completed investments across the financial services spectrum,
including asset management, banks, brokerage, financial technology,
insurance, and specialty finance. Lightyear brings unique strengths and
discipline to its investment process, as well as operating, transaction,
and strategic management experience, along with significant contacts and
resources beyond capital. The senior team of professionals averages over
25 years of financial services-related experience and includes Chris
Casciato, Michael Doppelt, Stewart Gross, Thierry Ho, Donald Marron,
Richard Sterne, and Mark Vassallo.
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