Fenchurch is pleased to be advising Cabot Square Capital on the sale of LDF to White Oak Global Advisors.

LDF is one of the largest independent finance providers for SMEs in the UK, catering to over 10,000 clients across a diversified set of industries.

Richard McDougall, Partner at Cabot Square Capital, commented: “Fenchurch fielded an experienced, highly committed and knowledgeable team with a good understanding of the industry and market participants. They provided high quality advice throughout the process and took a thoughtful approach to positioning the LDF business and the structure of the sale process, which resulted in a great outcome for the business and its shareholders.”

Fenchurch is pleased to have advised AXIS Capital (“AXIS”) on its recommended cash acquisition of Novae Group (“Novae”) for £478 million.

The acquisition combines a leading specialty Lloyd's franchise with a world-class international specialty (re)insurer, strengthening a broad, balanced and efficient global underwriting platform.

Albert Benchimol, President & CEO of AXIS, commented: “Fenchurch’s knowledge of the Lloyd’s sector and UK Takeover Code were critical contributions to our consummation of this transaction. We were well-served by the entire team which was highly engaged throughout the process.”

Fenchurch is pleased to have advised Hargreave Hale, the UK based wealth manager and fund manager, on its sale to Canaccord Genuity Wealth Management (“CGWM”) for total consideration of £80m.

Hargreave Hale is one of the UK's leading investment management businesses, providing discretionary wealth management to more than 14,000 private clients, intermediaries and charities, as well as managing a first-class range of funds.

The transaction establishes a substantially enlarged wealth management operation in the UK and Europe for CGWM with over £18 billion in private client assets and £5 billion in fund management  assets.

Stuart Brookes, Joint Managing Director of Hargreave Hale, said: “Fenchurch’s deep wealth management sector expertise and intimate knowledge of the buyer universe were pivotal in enabling Hargreave Hale to select an attractive partner for our clients, employees and shareholders. We were impressed by the team’s dedication to this engagement.”

Fenchurch is pleased to have advised the shareholders of Lark Group on the merger with Aston Scott, backed by Bowmark Capital.

Founded in 1948, Lark Group is one of the UK’s pre-eminent independent insurance brokers, with specialist capabilities across commercial lines, mid to high net worth private clients and employee benefits, serving over 50,000 clients. The merger with Aston Scott will create one of the UK’s largest independent insurance brokers, controlling over £240m of GWP.

Graham Lark, Chairman of Lark Group, said: “Throughout the transaction, the professionalism and commitment shown by the Fenchurch team were exceptional. Fenchurch’s insight and senior level access into the insurance market ensured a highly satisfactory outcome for all of the shareholders, our colleagues and our clients.”

Fenchurch is pleased to have advised Ryan Specialty Group (“RSG”) on the sale of Ryan Direct Group (“RDG”) to HPS Investment Partners and Madison Dearborn Partners.

RDG is a leading provider of insurance solutions to the UK general insurance industry with a particular expertise in the specialist personal lines sector.

Michael Rice, Managing Director of RSG, commented: “Fenchurch brought an intimate knowledge of the potential buyer universe for Ryan Direct Group and an in-depth understanding of the key valuation drivers for the business. Their clear guidance and strategic advice allowed us to execute a crisp sale process and deliver a successful outcome for all parties.”

Fenchurch is pleased to have advised Primary Group on the sale of UK General to J.C. Flowers & Co. for an undisclosed consideration.

UK General is the UK’s largest personal lines MGA, offering specialist insurance products across the property, leisure & lifestyle, income protection, financial loss, motor financial, warranty, travel and personal accident categories.

Karen Beales, Managing Director of UK General, said: “Fenchurch’s in-depth knowledge of the personal lines insurance sector was critical in positioning the equity story for UK General. The level of senior engagement throughout the project was invaluable and helped ensure a successful outcome for all stakeholders in the business.”

Fenchurch is pleased to have advised Unigestion on its acquisition of Akina Partners, the Zurich-based specialist private equity investment group. Akina manages $2.6 billion in funds of funds and managed accounts invested in small and mid-sized companies in Europe.

Akina will be integrated into Unigestion’s existing private equity business to create a leading private equity investment group with $6 billion in assets under management and 54 dedicated professionals.

Following completion, Unigestion’s total assets under management increased to more than $23 billion, of which private equity represents 25%. This expansion demonstrates Unigestion’s commitment to building a world-class multi-specialist institutional boutique asset management firm.

Bernard Sabrier, Chairman of Unigestion commented, “Throughout the entire Akina transaction, the support and guidance we received from Fenchurch was highly appreciated. During the most critical times of the negotiations in particular, their transaction skills and strategic views proved to be very helpful.”

Fenchurch is pleased to have advised EFG, the Swiss Private Bank, on the sale of EFG Independent Financial Advisers (“EFG IFA”) to Bellpenny.

EFG IFA has offices in London, Birmingham and Wolverhampton with £650m AUM.

The acquisition has increased Bellpenny’s AUM to over £3.5bn and EFG IFA will become the new independent advice arm for the group under the BIA Financial Planning brand.

Anthony Cooke-Yarborough, EFG Private Bank CEO, said: “Fenchurch demonstrated first class M&A execution skills and a sure touch in navigating stakeholder interests. Their deep sector expertise and intimate knowledge of the buyer universe were especially valuable in delivering a successful outcome.”

Fenchurch is pleased to have advised Camellia Plc (“Camellia”) on the sale of Duncan Lawrie Asset Management (“DLAM”) to Brewin Dolphin for £28m.

DLAM is the wealth management subsidiary of Duncan Lawrie Private Banking, the private banking arm of Camellia, managing approximately £735m of assets on behalf of some 1,000 client relationships.

Tom Franks, Chief Executive Officer of Camellia, commented:

“We were impressed by Fenchurch’s commitment to this engagement. Their deep sector relationships, intimate knowledge of the UK platform sector and first class M&A execution skills were important factors in successfully delivering this transaction.”

Fenchurch is pleased to have advised AXA on the sale of its UK P&C commercial broker Bluefin Insurance Group (“Bluefin”) to Marsh for £295m.
 
Bluefin is a leading insurance broker, providing services to private individuals, small businesses, and large corporates in the UK, with approximately 1,500 employees based in 45 locations. It also operates a broker network and a growing MGA business.
 
Marsh will combine Bluefin with Jelf to create one of the UK’s largest insurance brokers for mid-size and SME companies, serving over 250,000 clients in 80 locations across the UK.
 
Fenchurch also advised Jelf on its sale to Marsh in 2015.
 
Amanda Blanc, CEO of AXA UK commented “Fenchurch helped us develop a bespoke and confidential process which resulted in AXA securing excellent transaction terms through an accelerated timetable whilst minimising execution risk”.

Fenchurch is pleased to have advised Legal & General on the sale of Cofunds to Aegon for £140m. Cofunds is the largest investment platform in the UK with £77bn AUA. The sale includes the Investor Portfolio Service which provides platform services to a number of building societies including Nationwide.
 
L&G concluded that Cofunds requires a significant upgrade in technology to exploit its leadership position in the UK platform market and this was best achieved under Aegon's ownership as a specialist wealth platform provider.
 
For Aegon UK this transaction completes its strategic transformation from traditional life insurance to platform business and follows L&G’s acquisition of a £2.9bn back book annuity portfolio from Aegon in May 2016.
 
Mark Gregory, Legal & General Group Chief Finance Officer commented: “We were impressed by Fenchurch’s commitment to this engagement. Their deep sector relationships, intimate knowledge of the UK platform sector and first class M&A execution skills were important factors in successfully delivering this transaction.”

Fenchurch is pleased to have advised AXA on three separate disposals of its UK Life & Savings businesses, comprising:

• SunLife, the Over 50s direct-to-consumer protection business, and Embassy, AXA UK’s non-platform investment and pensions business, to Phoenix Group;
• Elevate, the wrap platform business with c. £10bn of assets under administration, to Standard Life; and
• AXA Wealth International, the Isle of Man offshore bond business, to Life Company Consolidation Group (LCCG).

The aggregate consideration for all three transactions is €832 million.

Paul Evans, CEO of AXA UK and CEO designate of AXA Global Life & Savings and AXA Global Health, commented: “Fenchurch’s advice was important in planning and preparing for the complexity of one, two or potentially three disposals and related separation issues. Their trusted senior relationships, authoritative insights into the M&A market and deep sector expertise were critical to successfully orchestrating all three transactions.”

Fenchurch is pleased to have advised AXA on three separate disposals of its UK Life & Savings businesses, comprising:

• SunLife, the Over 50s direct-to-consumer protection business, and Embassy, AXA UK’s non-platform investment and pensions business, to Phoenix Group;
• Elevate, the wrap platform business with c. £10bn of assets under administration, to Standard Life; and
• AXA Wealth International, the Isle of Man offshore bond business, to Life Company Consolidation Group (LCCG).

The aggregate consideration for all three transactions is €832 million.

Paul Evans, CEO of AXA UK and CEO designate of AXA Global Life & Savings and AXA Global Health, commented: “Fenchurch’s advice was important in planning and preparing for the complexity of one, two or potentially three disposals and related separation issues. Their trusted senior relationships, authoritative insights into the M&A market and deep sector expertise were critical to successfully orchestrating all three transactions.”

Fenchurch is pleased to have advised Computershare on its acquisition of UKAR’s mortgage servicing platform. The transaction also involves Computershare being appointed on a seven-year contract to service UKAR’s £30bn of mortgages. In addition, Computershare has entered into separate long-term contracts for the servicing of £11bn of assets purchased by Cerberus from UKAR in November 2015.

Founded in 1978 and listed on the Australian Securities Exchange since 1994, Computershare is a specialist provider of outsourced financial and governance services across 22 countries on five continents. It employs more than 15,000 people worldwide and has a market capitalisation of AU$5.5bn.

Naz Sarkar, CEO of Computershare UCIA, commented: “We were delighted to have Fenchurch acting for us on this highly strategic transaction. They provided a very wellresourced team that ably supported us throughout a long and complicated process with deep knowledge of the business, detailed analysis and thoughtful advice.”

Fenchurch is pleased to have advised AXA on three separate disposals of its UK Life & Savings businesses, comprising:

• SunLife, the Over 50s direct-to-consumer protection business, and Embassy, AXA UK’s non-platform investment and pensions business, to Phoenix Group;
• Elevate, the wrap platform business with c. £10bn of assets under administration, to Standard Life; and
• AXA Wealth International, the Isle of Man offshore bond business, to Life Company Consolidation Group (LCCG).

The aggregate consideration for all three transactions is €832 million.

Paul Evans, CEO of AXA UK and CEO designate of AXA Global Life & Savings and AXA Global Health, commented: “Fenchurch’s advice was important in planning and preparing for the complexity of one, two or potentially three disposals and related separation issues. Their trusted senior relationships, authoritative insights into the M&A market and deep sector expertise were critical to successfully orchestrating all three transactions.”

Fenchurch is pleased to have acted as financial adviser to Lonmar Global Risks on the sale of a majority stake to Global Risk Partners. Lonmar’s management team, led by David Pexton, Chief Executive, will continue to lead the business and retain a significant equity stake following completion of the transaction.


Established in 1977, Lonmar is a leading independent Lloyd’s broker based in London. Serving a global client base in over 70 countries, including local intermediaries and insurers, Lonmar provides expertise and access to specialist underwriters and insurance capacity in London and other leading markets, worldwide.

Lonmar specialises in handling large-scale, complex and specialist risks, including Accident & Health, Agencies, Binding Authorities, Bloodstock, Casualty, Fine Art, Specie, Marine, Professions and Property.

Fenchurch is pleased to have advised the Openwork LLP on the renegotiation of Zurich’s equity and debt investments in the Openwork network. The Openwork LLP represents some 600 adviser firms and 3,000 advisers.

Under the terms of the agreement, Zurich will dispose of its 25% stake in Openwork by March 2020, by transferring it to the Openwork LLP, which is already the major shareholder.

The agreement provides a path to full ownership for the partners and staff, whilst at the same time protecting the network by retaining the capital and commercial support of one of the world’s largest insurers.

Fenchurch advised Legal & General on the sale of Suffolk Life to Curtis Banks for £45m.

Suffolk Life is one of the UK’s leading SIPP providers with £8.7bn AUA and 26,500 plans. Curtis Banks is funding the acquisition through a £27m underwritten placing and a new debt and revolving credit facility.

The combined business will be one of the UK’s largest SIPP providers with pro-forma £18bn AUA.

Mark Gregory, Legal & General Group Chief Finance Officer commented: “Fenchurch’s strong sector relationships helped to identify an ideal partner for Suffolk Life. Fenchurch’s first class M&A execution skills and their advice on the purchaser’s funding structure were especially valuable.”

Fenchurch is pleased to have advised Oakley Capital on the sale of Broadstone to Livingbridge.

Broadstone is a leading, mid-market employee benefits consulting firm based in London.

Broadstone provides pensions, employee benefits, actuarial and investment consulting advice to small and medium sized employers, pension scheme trustees and individual pension scheme members.

Fenchurch is pleased to have advised Congregational and General Charitable Trust on the sale of Congregational & General Insurance plc (“C&GI”) to Inter Hannover.

C&GI is a leading specialist insurer of places of worship. The sale includes C&GI’s interest in Integra the home insurance MGA jointly developed with Inter Hannover.

Margaret Atkinson, Chairman of Congregational & General Charitable Trust, commented:  “Fenchurch played a pivotal role in orchestrating this transaction, successfully balancing the objectives of multiple stakeholders and demonstrating a clear understanding of our  charitable status. Their senior team remained fully committed and provided valuable advice over an extended period.”

Fenchurch is pleased to have advised Chenavari Investment Managers on the completed sale of a passive minority stake to Dyal Capital Partners for an undisclosed consideration.
 


Chenavari is a leading alternative asset manager focused on credit, structured finance, real estate and private debt strategies across the liquidity spectrum.  With offices in London, Luxembourg, Hong Kong and New York, Chenavari has approximately $5.4 billion of assets under management on behalf of institutional clients. 


Dyal Capital is a division of Neuberger Berman, with an extensive track record of investing in institutional alternative asset management companies globally.


Loïc Féry, Chief Executive & Co-CIO of Chenavari, commented: “Fenchurch provided valuable advice to Chenavari, enabling us to select the partner who would contribute best to our strategic plan. Fenchurch’s understanding of the alternative asset management sector, the commitment of their senior team and quality of advice were key factors in delivering the transaction.”