M&A Deal Summary

Towergate Acquires Open GI

On September 1, 2007, Towergate acquired insurance company Open GI from Montagu for 276M GBP

Acquisition Highlights
  • This is Towergate’s 1st transaction in the Insurance sector.
  • This is Towergate’s largest (disclosed) transaction.
  • This is Towergate’s 1st transaction in the United Kingdom.
Investment Fate
  • Open GI was divested to a consortium of buyers in 2014.

M&A Deal Summary
Date 2007-09-01
Target Open GI
Sector Insurance
Buyer(s) Towergate
Sellers(s) Montagu
Deal Type Add-on Acquisition
Deal Value 276M GBP

Target

Open GI

Warndon, United Kingdom
website
Open International consisted of two main operating divisions, Open GI and Countrywide Insurance Management. Open GI provides hardware, software and IT services to UK general insurance intermediaries. Countrywide Insurance Management is a network of independently owned insurance brokers who work together with Insurers to provide superior products and servicing for their customers. Open GI is based in Warndon, United Kingdom.

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Buyer(S) 1

Buyer

Towergate

London, United Kingdom

website

Category Company
Founded 1997
Sector Financial Services
Employees5,000
DESCRIPTION

Towergate is a provider of specialist personal and commercial insurance products to individuals and small and medium-sized enterprises (SMEs). Towergate was founded in 1997 and is based in London, United Kingdom.

DEAL STATS #
Overall 1 of 4
Sector (Insurance) 1 of 4
Type (Add-on Acquisition) 1 of 4
Country (United Kingdom) 1 of 4
Year (2007) 1 of 2
Size (of disclosed) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-11-09 Paymentshield

Southport, United Kingdom

Paymentshield Ltd. provides insurance services in UK.

Buy -

Seller(S) 1

SELLER

Montagu

London, United Kingdom

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1968
PE ASSETS 11.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Montagu is an independent private equity firm focused on European management buyouts and growth capital transactions. The Firm seeks opportunities valued between €100 million and €1 billion. Sectors of interest include healthcare, medical products, financial services, software, IT, information services, and education. Montagu dates back to 1968 and is based in London.

DEAL STATS #
Overall 41 of 73
Sector (Insurance) 1 of 2
Type (Add-on Acquisition) 19 of 29
Country (United Kingdom) 29 of 40
Year (2007) 2 of 3
Size (of disclosed) 9 of 25
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-08-22 HCT Shaping Systems SA

Cheseaux, Switzerland

HCT is a world leader in the supply of precision wafering systems principally used in manufacturing crystalline silicon substrates for the solar and semi-conductor industries. HCT is based in Cheseaux in Switzerland and employs over 180 people.

Sell $483M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-12-07 Vetxx A/S

Uldum, Denmark

VetXX markets pharmaceutical products for skin, eye and ear diseases, produces pet diet food (through the brand SPECIFIC) and pet care products for companion animals. All animal health products are distributed exclusively through veterinary surgeries.

Sell £62M
Mergr

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