Goldman Sachs in £700m Hastings deal

The bank's private equity division used a blend of equity and new debt financing to fund the deal.

The transaction saw the management buyout team (including backer GS MBD) securing a 50% stake while existing management, led by Gary Hoffman, will also remain invested in the group.

Company
Hastings is a UK insurance group offering car, motorcycle, van and household insurance. The company trades under the brands Hastings Direct, People's Choice, Insure and Renew. Advantage Insurance Company is the group's central underwriter. East Sussex-based Hastings employs 1,500 people.

Hastings completed a management buyout in 2009. The company posted EBITDA of £83.3m for the year ending 30 June 2013 against placed premiums of £444.1m. Hastings has 1.3 million customers. 

People
Gary Hoffman is CEO of Hastings while Neil Utley is chairman. Sumit Rajpal is global head of financial services and led the deal for GS MBD.

Advisers
Equity – Goldman Sachs International (Corporate finance).
Company – Evercore Partners (Financial due diligence); Peel Hunt (Financial due diligence).

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• Topics
• UK / Ireland
• Buyouts
• Financials
• Goldman Sachs