Towergate wins £200mn private equity cash boost
Broker aggregator Towergate Partnership has secured £200mn of backing from private equity firm Advent International as it looks to manage its heavy debt burden.
The cash injection is taking place alongside a massive refinancing exercise involving bank facilities and a bond issuance.
Towergate has expanded aggressively through 173 acquisitions since 1997, including 17 in 2009 alone.
However, ratings agency Moody's reported that it had accumulated total debts of £640mn at year-end 2009, equivalent to a debt-to-Ebitda earnings multiple of 9.3x...
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