Legacy acquirer DARAG Group has agreed to sell its North American and Bermuda business entities to the RiverStone Group.
According to DARAG, this transaction will simplify its operations, permitting the firm to focus on its core European business. In addition, the deal will bring in additional capital, allowing DARAG to execute a strong pipeline of European transactions, several of which are reportedly in the advanced stages.
Both DARAG and the RiverStone Group have voiced their commitment to ensuring no disruption to the business entities and their transaction pipeline as the deal takes place.
PJT Partners and Nomura served as lead financial advisers to DARAG for the transaction, while RBC served as financial adviser, and Proskauer Rose LLP as legal adviser. Meanwhile, RiverStone’s legal advisors were Norton Rose Fulbright US LLP.
The sale is anticipated to close by the end of the year, subject to regulatory approval.
Tom Booth, CEO of DARAG, commented, “We are pleased to pass this excellent and well-established niche business into the hands of a great company like RiverStone.
“We wish all the best to our North American and Bermuda-based colleagues, several of whom I have had the great pleasure of working with for many years and for whom I have the greatest respect.
“I also look forward to the opportunity this transaction presents to bring focused firepower to our European core. Our strong, well-capitalised niche position, and good market conditions, give us great optimism for our European business.”
Bob Sampson, President of RiverStone, added, “We are thrilled to integrate DARAG’s North American team into our dynamic fold. It will bring additional talent to RiverStone’s highly experienced teams, support our unparalleled reputation, and continue to build on the success we have each created in the legacy and captive insurance markets.
“This acquisition perfectly fits our growth strategy, bolstering our capabilities and significantly boosting our market visibility in several North America insurance segments. We’re confident that this transaction will fuel innovation, inspire superior service, and create a powerful synergy that benefits our clients.”
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Publish date : 2024-08-07 21:45:00
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