LONDON, July 23 /PRNewswire/ -- SSP Holdings plc ("SSP" or "the Company") (AIM: SSPH), a key provider of IT solutions to the global insurance industry, and an entity owned by funds managed or advised by the private equity firm Hellman & Friedman LLC ("H&F") announced today that they have agreed the terms of a recommended cash acquisition to be made by H&F of SSP at a value of approximately GBP198 million, including the assumption of existing debt. Under the terms of the acquisition, SSP shareholders whose shares are subject to the acquisition for cash will receive 190 pence in cash for each share they own in SSP.
Members of SSP's management team that own approximately 27% of the Company support the transaction and will rollover a significant portion of their current equity holdings in SSP.
SSP is a leading provider of IT systems and services to the general insurance sector in the UK and selected international markets. With over two decades' experience, SSP has a reputation for delivering innovative solutions from "carrier to consumer", facilitating communication and interaction between all participants in the insurance chain, from insurance underwriters through to consumers. This unique proposition improves business control, productivity and efficiency. More than 41,000 users in over 50 countries make SSP a partner of choice for insurance businesses worldwide.
H&F is a leading global private equity group specializing in a variety of sectors, including software and information services, financial services, and media.
David Rasche, Executive Chairman of SSP said, "I am pleased to announce this transaction which recognises the significant value that has been created for SSP shareholders since we floated the Company in October 2006. Many of our shareholders invested in the IPO at 98 pence per share and will now realise a premium of approximately 94 per cent in cash over some two years. This will be good news for our customers and staff as it will allow us to retain talent in the business as we continue to expand over the coming years."
Stephen Duckett, Managing Director of H&F, said "H&F is delighted to have the opportunity to invest in SSP. We are excited about supporting SSP's management team as they continue to successfully grow the business and we look forward to helping them build on a well established market position and strong customer relationships."
About Hellman & Friedman LLC
Founded in San Francisco in 1984, Hellman & Friedman LLC ("H&F LLC") has raised and managed over $16.5 billion of committed capital and invested in over 60 companies across three principal offices in London, New York and San Francisco. H&F LLC is currently investing its sixth fund, with $8.4 billion of capital commitments. H&F LLC has significant experience of investing in software and insurance businesses; illustrative investments in the software and insurance companies include: Iris Software Group, Kronos, Intergraph, Vertafore, Activant and DoubleClick (software) and Geovera and Paris Re (insurance).
For further information contact: For SSP Holdings plc - Nick Oborne/John Moriarty, Weber Shandwick Tel: +44-207-067-0700 email@example.com For Hellman & Friedman LLC - Hugh Morrison/Caroline Villiers, M:Communications Tel: +44-207-153-1521 firstname.lastname@example.org Steve Bruce/Monica Everett, The Abernathy MacGregor Group Tel: +1-212-371-5999 SB@abmac.com / MCE@abmac.com
SOURCE Hellman & Friedman LLC and SSP Holdings plc