Chicago-based private equity firm GTCR LLC said Thursday that it has agreed to acquire an insurance-premium financing business currently owned by Bank of America affiliate MBNA Europe for approximately $1.45 billion.
GTCR’s acquisition of Surrey, U.K.based Premium Credit Limited, which provides companies with financing that allows them to pay insurance premiums in installments rather than lump sums, was financed by a new private equity fund, GTCR Fund X, according the GTCR press release announcing the transaction.
In its announcement, GTCR notes that Barclays Capital, Deutsche Bank, HSBC, Lloyds Banking Group, and Société Générale are backing the acquisition via a long-term financing facility aimed at supporting Premium Credits existing debt and future growth.
Kirkland & Ellis is advising GTCRwhich was previously known as GTCR Golder Rauneron its acquisition of Premium Credit, a major player in the insurance-premium financing market in both the U.K. and Ireland.
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