LONDON, January 16, 2013 /PRNewswire/ --
Cooper Gay Swett & Crawford Limited ("CGSC") has announced the closing of its investment agreement with Lightyear Capital LLC ("Lightyear"), under which an affiliated investment fund of the New York-based private equity firm along with institutional co-investors will take a controlling interest in CGSC following the previously announced signing of a definitive agreement on 22 October 2012.
The investment will provide CGSC with the ability to continue its growth by acquisition of high-quality businesses and teams which will further enhance CGSC's leading position in the wholesale and reinsurance markets. CGSC has a strong pipeline of acquisition opportunities which will be developed further over the coming year.
Toby Esser, Group Chief Executive Officer, said: "Together with Lightyear's financial services expertise, we are confident that our excellent people and global platform strongly position CGSC to take advantage of the many opportunities available in the global insurance market."
"We are excited by the long-term growth opportunities in the global insurance brokerage industry," said Donald B. Marron, Chairman of Lightyear.
"Toby Esser has done a wonderful job leading this business, and we look forward to working with him and management to accomplish his ambitions for CGSC in the future," said Mark F. Vassallo, Managing Partner of Lightyear.
Terms of the agreement were not disclosed.
CGSC is one of the largest global wholesale insurance and reinsurance brokers placing over $4 billion in premiums for clients in the London, U.S., and international insurance markets. Headquartered in London and employing more than 1,400 staff across 60 offices worldwide, CGSC specializes in hard-to-place insurance policies. In 2011, CGSC reported revenues of $344 million and EBITDA of $69 million.
SOURCE Cooper Gay Swett & Crawford