Synova's Stackhouse Poland completes refinancing

Ares has provided a package comprising a £50m senior debt facility and a £20m accordion feature. The package replaces a Lloyd's facility secured two and a half years ago.

Since the GP's initial investment in December 2014, Stackhouse Poland has made seven acquisitions, with the most recent three completed after the latest refinancing deal, a source close to the situation told unquote". It is understood the company has a further three or four bolt-ons in the immediate pipeline.

The group's acquisitive growth strategy targets complementary niche insurance providers operating in personal and specialist commercial lines. Most recently, it completed the acquisition of Lucas Fettes, which was initially announced in October 2016.

It is understood that EBITDA has approximately tripled since Tim Johnson took on the role of CEO of Stackhouse Poland as part of the Synova-led buy-in management buyout (BIMBO) of the company in December 2014. This is in line with the group's headcount, which has grown from 150 to 450, and its gross written premium, which is understood to have more than tripled to £250m.

Synova is invested in Stackhouse Poland via Synova II, which closed on £110m in 2013 and is fully committed.

Previous funding
Synova led the BIMBO of Stackhouse Poland in December 2014. Financial details of the transaction remain undisclosed though the business generated EBITDA of approximately £5m at the time, and it is understood Synova acquired a significant minority stake, becoming the group's largest shareholder.

Company
Founded in 1974 and headquartered in Guilford, Surrey, Stackhouse Poland is a specialist insurance brokerage focusing on private client insurance for homes, cars, jewellery, art and yachts; commercial insurance; community insurance for local councils, churches and charities; and health and protection insurance for groups and individuals.

People
Synova Capital – David Menton (managing partner).
Stackhouse Poland – Tim Johnson (CEO).

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• Topics
• Refinancing
• UK / Ireland
• Financials
• United Kingdom
• Synova Capital
• Refinancing
• Buy-and-build