CVC sells 30% stake in D&G to ADIA

The GP will retain a majority stake in the business, which it will transfer from 2008-vintage CVC European Equity Partners V to CVC Capital Partners VII, a €15.5bn vehicle that held its final close in 2017.

The development comes a month after reports surfaced that D&G had shelved plans for an IPO or sale, due to what Sky News reported as "a lukewarm response from public and private market investors". The publication also reported at the time that the GP was aiming for a valuation of around £1.2bn.

D&G has increased its annual revenues from £633m to £811m throughout the course of CVC's six-year tenure, according to a statement. The business has expanded its operations across Europe and invested in its customer services activities and technology.

The agreement between CVC and ADIA is subject to regulatory approval and is scheduled to complete by the end of 2019.

Previous funding
CVC acquired D&G alongside management for a reported £750m in 2013, in a secondary buyout from Advent International.

Company
Founded in 1912, London-headquartered D&G provides insurance and care plans related to appliance repairs and replacements. The business has a presence in 11 countries across Europe and Australia, with a combined 16 million customers, according to the statement.

People
Domestic & General – David Tyler (chairperson).

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About the author

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• Kenny Wastell
• @kennywastell

Kenny Wastell joined Unquote in February 2014 to report on the Southern Europe region. He now has a specific focus on the UK market as well as features writing, and is a regular host and panellist on the Unquote Private Equity Podcast.

Having grown up in Italy, Kenny eventually returned to the UK and later obtained a degree in journalism from University of the Arts London. Prior to joining Unquote, he had work published by UK newspapers including The Guardian, The Observer and South London Press.

Email: kenny.wastell@unquote.com

Tel: +442 03 741 1393

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