Greene & Greene Helps Insurer Secure Multi-Million Loan Facility...
Fresh from its role in advising Nexus Underwriting Management Limited on its recent acquisition of Vectura Underwriting, Greene & Greene provided further assistance in helping Nexus to secure loan facilities totalling £44m, which it will use to undertake additional M & A activity.
Simon Ratcliffe, a mergers and acquisitions specialist in the Corporate team at Greene & Greene has worked very closely with Nexus on a number of business transactions since 2008.
Initial funding of £30m has been jointly provided by B.P. Marsh & Partners plc, a niche venture capital provider to early stage financial services business, and a New York headquartered global investment firm with offices in 10 locations around the world. An additional £14m of borrowing has been committed by the funders.
Nexus has a number of M&A opportunities underway and will drawdown on the initial £30m loan facility as and when required over the coming months.
Nexus’ Executive Chairman, Colin Thompson, stated: “This debt raising provides Nexus with the ability to satisfy our short-term plans of creating a virtual insurance company through a buy and build strategy focusing on profitable, niche MGA’s.”
Simon Ratcliffe of Greene & Greene added:
“We are delighted to have helped Nexus with securing this additional funding, which will further support its growth strategy and its position as the leading Specialist Underwriting Agency.”
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