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Private equity firm entered into a deal to fund buyout for undisclosed sum
Appleby, a leading provider of offshore fiduciary and legal services, acted as Isle of Man counsel, alongside Dickson Minto in London, to private equity firm, Vitruvian Partners in relation to its agreement to provide funding to support a management-led buyout of Royal London 360° (RL360°) and its subsidiaries for an undisclosed sum from parent Royal London Group (RLG).
RLG is confident that the transfer of ownership will enable RL360° to achieve its strategic vision through a further acceleration of the growth that RL360° has experienced in recent years. The RL360° executive management team, led by Chief Executive David Kneeshaw, will remain unchanged. Following completion, the company will be re-branded “RL360°”.
The Isle of Man aspects of the deal were led by Partner and Isle of Man Head of Corporate and Commercial, Nick Verardi who was supported by Counsel Michelle Brook and Associate Alexandra Watterson.
Nick Verardi said; “Vitruvian has its sights on these exciting opportunities with all the hallmarks of success including a great growth strategy. These deals are right in our sweet spot and it is exactly the sort of investment Vitruvian looks for, a scalable services business addressing a global market opportunity. We are really pleased to be part of this.”
RL360° will be further strengthened through support from the global reinsurance group Munich Re, as well as an element of long term financing from RLG, and in addition to capital from Vitruvian.
