Cinven's Partnership Assurance to float on LSE

The offer will comprise the sale of a portion of PAG's existing ordinary shares held by Cinven and management. The group will also issue new ordinary shares in order to raise around £120m and achieve a minimum free float of 25%.

PAG stated that the IPO proceed will be used to repay external debt and shareholder loan notes, as well as for general corporate purposes. The listing could reportedly value the business at up to £1bn.

Bank of America Merrill Lynch and Morgan Stanley have been appointed as joint sponsors and joint global coordinators. Keefe Bruyette & Woods and Panmure Gordon & Co are acting as co-lead managers. PAG is advised by Evercore.

Cinven acquired PAG, a provider of financial products for people with health conditions, from Phoenix Equity Partners for a total consideration of around £150m in 2008. The exit generated a 6.7x money multiple and a 106% IRR for Phoenix.

Established in 2005, PAG provides non-standard annuities and aims to offer better terms to customers with medical conditions. PAG generated operating profits of £112m last year, up 42% on 2011 figures.

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• Topics
• Exits
• Financials
• IPO
• Cinven