Vitruvian backs CFC's MBO

According to press reports, the GP acquired a 40% stake in the business in a deal valuing the company at £230m.

Vitruvian backed the company's MBO alongside the founder and CEO, David Walsh, and the management team. Existing investors exiting the business included ex-RK Harrison chairman Richard Corfield, Benfield co-founder Mike Rees and Hugh Willis, the co-founder of BlueBay Asset Management.

According to a statement, the company intends to use the capital injection to bolster the expansion of its products portfolio, with particular regards to emerging and speciality risk products, as well as to expand its distribution base and further develop its technology platform.

Company
Founded in 2000 and headquartered in London, CFC is a managing general agent and incorporates two trading entities, CFC Underwriting and Modus. The business claims a global distribution network of 1,900 broker offices and 206,000 customers.

According to unquote" sister title Mergermarket, the business posted a £11m EBITDA in 2016 and expects this value to rise to £15m in 2017.

People
Vitruvian Partners – Joseph O’Mara (partner).
CFC – David Walsh (founder, CEO).

Advisers
Equity – KPMG (corporate finance, financial due diligence); Kirkland & Ellis (legal); Marlborough Partners (debt advisory); Oliver Wyman (commercial due diligence); Marsh (insurance due diligence); Clyde & Co (legal).
Company – Evercore (corporate finance); Norton Rose Fulbright (legal); Deloitte (financial due diligence, tax).
Management team – Wyvern Partners (corporate finance); Macfarlanes (legal).

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• Topics
• Buyouts
• Financials
• UK / Ireland
• United Kingdom
• Vitruvian Partners