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Enstar, Stone Point close Atrium Underwriting purchase.

MANews-(C)2009-2013

25 November 2013 - Bermuda-based business services provider Enstar Group Ltd (NASDAQ:ESGR) said today that together with US private equity firm Stone Point Capital LLC it had completed the USD183m (EUR135.4m) purchase of UK-based underwriting firm Atrium Underwriting Group Ltd from Bermuda-based Arden Holdings Ltd.

Atrium was bought by Alopuc Limited, an entity which is indirectly 60% owned by an Enstar unit and 40% owned by Trident V LP and its affiliated co-investment funds, which are run by Stone Point.

The deal was agreed in June this year together with the USD79.6m takeover of Arden's Bermuda-based reinsurer Arden Reinsurance Company Ltd, which was completed in September. The purchase price, which includes the payment of a USD25m pre-completion dividend, was split between the buyers in proportion to their interests in Atrium. Enstar said it had covered its part with debt.Country: UKSector: InsuranceTarget: Atrium Underwriting Group LtdBuyer: Trident V LP, Stone Point Capital LLC , Enstar Group Ltd, Alopuc LimitedVendor: Arden Holdings LtdDeal size in USD: 183mType: Corporate acquisition, LBO, StakebuildingFinancing: DebtStatus: ClosedComment: Deal size includes the payment of a USD25m pre-completion dividend.

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Publication:M & A Navigator
Geographic Code:5BERM
Date:Nov 25, 2013
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