Castle Square advise on the Management Buy-Out of Vecta Risk PartnersLondon based insurance business, Vecta Risk Partners (Vecta), has been acquired through a Management Buy Out, which sees the team of Richard Gorely, Vyvian Townend and Andrew Juggins buy out the majority equity stake of corporate shareholder, Castle Underwriting Agencies Limited (Castel).
Vecta operates as a division of Castel, under the MGA insurance model, applying the team’s market and underwriting expertise to write specialist custom-built accident & health, travel and lifestyle insurance solutions for both organisations and individuals across the UK and Europe.
Under Castel’s incubator model, which has allowed the business to rely on the support of Castel for back office and regulatory functions, Vecta has grown year on year and developed a business model allowing for rapid decision making and an ability to deliver a complete end-to-end scheme solution to its clients.
Vecta is a specialist niche player in the market, operating a lean business model for clients to benefit from cost advantages created and an ability to select the most appropriate providers based upon specific geographic and technical requirements of each scheme, which in turn delivers operational and cost advantages against its competition.
Yorkshire based dealmakers Castle Square Corporate Finance provided corporate finance advice to the management team on the MBO transaction.
James Foster, head of Leeds Corporate at national law firm Shoosmiths, led the legal services and advice to the buy-side team, supported by Principal Associate Leah Cairney.
Richard Gorely, of the Vecta Management team, said “Launching Vecta on the Castel platform in 2017 enabled us to come to market quickly and subsequently develop a viable long-term business. We thank the whole Castel team for their support over the last five years.
In addition, I would like to thank Mark Phillips of Castle Square and James Foster at Shoosmiths and and their teams who expertly advised us throughout the MBO process.”
Castle Square is an independent, specialist mid-market corporate finance boutique operating from offices in Sheffield and Leeds. Castle Square has a proven track record of successfully delivering corporate finances services on a wide range of clients, based nationally and internationally. The first transaction for the recently opened Leeds office, in a particularly challenging economic climate, is further evidence of Castle Square’s ability to support the right businesses of all sizes and nature and demonstrates the Firm’s continued commitment to advising and supporting local businesses to achieve their future strategies.
Director Mark Phillips from the Castle Square Team in Leeds advised the management on the Management Buy-Out.
Mark Phillips said, “Richard and the team have significant expertise and experience in the niche insurance markets in which Vecta operates and have a clear strategic vision for where they want to take the business in the coming years. It was a pleasure to work alongside Richard, Vyv and Andy as well as Shoosmiths and to have advised the team on brining the equity ownership fully into their hands, which will now allow for delivery of significant growth for the business.”.
Shoosmiths has one of the most active and dynamic corporate legal teams nationwide in terms of M&A deals done, providing tailored advice to corporate clients and is ranked in the top five UK law firms by corporate deal volume.
James Foster said, “Our strong corporate expertise coupled with our sector knowledge, enabled us to seamlessly support and deliver value added legal and commercial insight to both the Vecta and Castle Square teams at critical stages throughout the transaction. It was an absolute pleasure to support such an ambitious and dedicated deal team and we wish them all the very best in their future endeavours.”
Corporate Partner Jonathan Angell and Associate Limaye Rose in the London office of global law firm Dechert LLP provided legal advice to the Vendors.
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NOTES TO THE EDITOR
Sheffield and Leeds based Castle Square Corporate Finance offer pro-active corporate finance advice to clients throughout the UK, tailoring our service to our clients and their markets, giving us an enviable record of successfully completing deals, including Acquisitions and Mergers, Management Buy-Outs and Buy-Ins, Finance Raising and Disposals.
Contact Details:
Kerry Raistrick (Marketing Manager)
Castle Square Corporate Finance
Tel: 0114 213 83 53
Mob: 07709 715 765
[email protected]
twitter: @castlesquarecf
website: www.castlesquarecf.co.uk
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