CVC and Apollo’s Brit valued at £960m in IPO

Conditional dealings began today at 8am on the London Stock Exchange under the ticker "BRIT". Trading on the LSE's main market is expected to commence on 2 April.

The offering comprised 100 million existing shares sold by CVC, Apollo and the company's management at a price of £2.4 apiece, meaning gross proceeds for the selling shareholders totalled £240m prior to any exercise of the overallotment option.

The overallotment option comprises an additional 10 million shares. CVC and Apollo will remain the company's biggest shareholders following the IPO.

Brit announced its intention to float earlier in March. Following the offering, 25% of the company's shares will be in free-float.

JP Morgan Securities was appointed sole sponsor as well as joint global coordinator and joint bookrunner alongside UBS. Canaccord Genuity and Numis Securities are acting as co-lead managers.

Previous investment
Apollo and CVC acquired Brit in October 2010, taking the company private from the London Stock Exchange in a deal valuing the company at £888m. The two GPs acquired the company for £10.75 per share.

Company
With group headquarters located in Amsterdam and UK operations headquartered in London, Brit is an insurer and reinsurer that specialises in commercial insurance with a focus on property, casualty and energy businesses. The firm underwrites policies in the Lloyds market.

The company recorded turnover of £1bn in 2013, as well as an operating profit of £126.6m. It achieved a return of 24.5% on net tangible assets last year.

People
Mark Cloutier is the CEO of Brit.

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• Topics
• Benelux
• Exits
• Financials
• Netherlands
• CVC Capital Partners
• Apollo Management
• IPO
• Partial sale