Taylor Wessing advises esure insurance on its buyout from Lloyds
Taylor Wessing LLP has advised leading online motor insurance provider esure on its management buyout from Lloyds Banking Group, funded by private equity firm Penta Capital. The deal, valued in excess of £185m, comes 15 months after the part nationalised bank assumed a 70 per cent stake in the insurance provider following its takeover of HBOS in 2008.
Under the terms of the deal, Lloyds' 70 per cent stake in esure has been acquired by a new investment vehicle owned by Peter Wood, esure staff and Penta Capital.
esure was jointly founded by insurance entrepreneur Peter Wood and Halifax in 2000. It is now one of the UK's best known motor insurance providers, including the well known Sheilas' Wheels brand. After its takeover of HBOS in 2008, Lloyds became a majority shareholder in esure, with Wood and esure staff retaining the remaining 30 per cent stake.
esure is a longstanding Taylor Wessing client. The insurance group working on the buy out was led by corporate partner Peter Kempe and included a private equity team led by partner Mark Davis, a tax team led by partner Peter Jackson, regulatory specialist Jonathan Rogers and head of IT Glyn Morgan.
Client partner Glyn Morgan comments:
"We are delighted to have completed this deal for esure. It will enable both companies involved to look to the future to pursue their own goals and best serve the interests of their customers.”
Head of Insurance, Risk and Acquisition Stuart Vann from esure comments:
"Taylor Wessing fielded a superb team and provided us with first class advice and service throughout the process."
Ends
Lawyers Glyn Morgan, Peter Kempe, Jayne Schnider, Peter Jackson, Jonathan Rogers, Ann Casey
Notes to editors
For more information please contact Helen Needham at Taylor Wessing:
Tel: +44 (0)20 7300 4156
Taylor Wessing LLP is a leading law firm providing support for commercial organisations doing business in Europe, the Middle East and China.
The Taylor Wessing team included:
Glyn Morgan, Partner, IT Telecoms and Competition
Peter Kempe, Partner, Corporate Insurance
Mark Davis, Partner, Private Equity
Jayne Schnider, Partner, Private Equity
Peter Jackson, Partner, Tax & Incentives
Ann Casey, Partner, Tax and Incentives
Carolyn Saunders, Partner, Pensions
Jonathan Rogers, Partner, Financial Services Regulatory
Eleanor West, Associate, Private Equity
Kosta Zujic, Associate, Tax & Incentives
