Cooper Gay Swett & Crawford (CGSC), a global wholesale and reinsurance broking group, has agreed terms with Lightyear Capital LLC and institutional co-investors for a substantial investment into the CGSC Group.
The Investor will own 55 percent of CGSC following the purchase of shares from existing shareholders and a substantial investment in new equity, CGSC said.
While CGSC said the financials of the deal are confidential, the group did confirm that the added resources will help it realize the group’s acquisition ambitions.
“We expect to make further announcements in the near future. … We have made no secret of our desire for an IPO as part of our overall journey. The current time is not right and in order to continue expanding, we sought investment from a third party; in this case, Lightyear Capital,” CGSC said.
The agreement remains subject to shareholder and regulatory approval.
“CGSC’s management remains committed to its employees and growing the company organically and through acquisition. We expect that should help create an environment with exciting growth opportunities for all employees,” the company said.
The deal is expected to close before the end of 2012.
Source: CGSC Group
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