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Anthony Clark to sell Southern California Agency.


Canadian general insurance broker Anthony Clark (CVE:ACL) has decided to sell its troubled Southern California Agency, in a move to concentrate on other US locations and potential acquisitions, the vendor said in a press release.

The divestment will be implemented through Anthony Clarka[euro](tm)s US units Addison Low Cost Insurance Brokers Ltd and Addison Bay Insurance Brokers Ltd, the vendor said without giving further details.

The agency subject to the deal accounted for 18% of the groupa[euro](tm)s consolidated revenues and some 22% of the debt.

The lenders have agreed to retire the companya[euro](tm)s debt balance effective on closing date.Country: , USASector: InsuranceTarget: Southern California AgencyVendor: Addison Bay Insurance Brokers Ltd, Anthony Clark International Insurance Brokers Ltd, Addison Low Cost Insurance Brokers LtdType: DivestmentStatus: Auction

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Publication:M & A Navigator
Date:Jun 9, 2011
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