Lightyear Capital said Wednesday that it has completed its controlling investment in Cooper Gay Swett & Crawford. The deal was announced in October. London-based Cooper Gay is a global wholesale insurance and reinsurance broker.
Lightyear Capital LLC (“Lightyear”), a New York-based private equity firm focused on financial services investing, announced today that an affiliated investment fund of Lightyear Fund III, L.P. and institutional co-investors have closed a controlling investment in Cooper Gay Swett & Crawford Limited (“CGSC” or the “Company”). Lightyear previously announced the signing of a definitive agreement on October 22, 2012.
CGSC is one of the largest global wholesale insurance and reinsurance brokers placing over $4 billion in premiums for clients in the London, U.S., and international insurance markets. Headquartered in London and employing more than 1,400 staff across 60 offices worldwide, CGSC specializes in hard-to-place insurance policies. In 2011, CGSC reported revenues of $344 million and EBITDA of $69 million.
“We are excited by the long-term growth opportunities in the global insurance brokerage industry,” said Donald B. Marron, Chairman of Lightyear.
“Toby Esser has done a wonderful job leading this business, and we look forward to working with him and management to accomplish his ambitions for CGSC in the future,” said Mark F. Vassallo, Managing Partner of Lightyear.
“With the closing of the Lightyear-led investment, we are ready to take CGSC to the next stage of its development,” said Mr. Esser, Chief Executive Officer of CGSC. “Together with Lightyear’s financial services expertise, we are confident that our excellent people and global platform strongly position the Company to take advantage of the many opportunities available in the global insurance market.”
Terms of the agreement were not disclosed.
About Lightyear Capital LLC
Lightyear Capital is a leading private equity firm making primarily control investments in North America-based, middle-market financial services companies. Based in New York, Lightyear, through its three affiliated private equity funds, has raised over $2.5 billion of capital and has completed investments across the financial services spectrum, including asset management, banks, brokerage, financial technology, insurance, and specialty finance. Lightyear brings unique strengths and discipline to its investment process, as well as operating, transaction, and strategic management experience, along with significant contacts and resources beyond capital. The senior team of professionals averages over 25 years of financial services-related experience and includes Chris Casciato, Michael Doppelt, Stewart Gross, Thierry Ho, Donald Marron, Richard Sterne, and Mark Vassallo.