Goldman Sachs sells Rothesay stake to Blackstone et al.

Goldman Sachs will remain the insurer's biggest shareholder following the sale, retaining a 36% stake in the business.

Blackstone and Singaporean sovereign wealth fund GIC each secured a 28.5% shareholding in Rothesay, while MassMutual obtained a 7% stake.

In September, unquote" reported that the deal was believed to be valued at around $900m. Following the transaction, Rothesay will operate as a stand-alone business and not a subsidiary of Goldman Sachs.

Company
Founded in 2007, Rothesay is headquartered in London with additional offices in Manchester and Surrey. The business employs 60 staff and recorded pre-tax operating profit of £266m in 2012. It also saw £1.3bn of new premiums last year.

Rothesay was established as a wholly owned subsidiary of Goldman Sachs. The company insures pension schemes looking to mitigate financial and longevity risk. It wrote more than £1bn in new bulk annuity deals in 2012 and has written close to £1.4bn so far this year.

People
Addy Loudiadis is the CEO of Rothesay. Michael Sherwood is the vice chairman of Goldman Sachs, while Chad Pike is the European vice chairman and head of tactical opportunities in Europe at Blackstone. Tay Lim Hock represented GIC on the deal, while CEO Timothy Corbett represented MassMutual.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• UK / Ireland
• Buyouts
• Financials
• United Kingdom
• Goldman Sachs
• Blackstone Group