Abu Dhabi Investment Authority to buy 30 pct of CVC-backed Domestic & General

Abu Dhabi Investment Authority has agreed to buy a 30 percent stake in Domestic & General. CVC Capital Partners will continue as majority shareholder of Domestic & General, an appliance care specialist.

Domestic & General (“D&G”), the leading appliance care specialist, is pleased to announce that its majority shareholder CVC Capital Partners (“CVC”) has reached an agreement with Luxinva S.A., an entity ultimately wholly-owned by the Abu Dhabi Investment Authority (“ADIA”), for ADIA to acquire a circa 30% stake in D&G. CVC will continue as D&G’s majority shareholder via CVC Capital Partners Fund VII. The acquisition is expected to close by the end of 2019, subject to customary regulatory clearances.
D&G’s appliance care plans protect individuals and families against the unexpected costs of appliance repairs and replacements. With a presence in 11 countries across Europe and Australia, D&G protects approximately 23 million appliances for approximately 16 million customers. It has a leading position in the UK market and is present in 1 in 3 households.
Since CVC’s investment in 2013, D&G has grown annual revenues from £633m to £811m, expanded its operations across Europe, and is currently exploring further international opportunities. D&G has also invested significantly in enhancing its customer service, technology infrastructure and digital capabilities to support continued delivery of its ambitious growth plans.
David Tyler, Chairman of D&G said: “We are delighted to welcome a significant new investor to D&G. ADIA brings a wealth of investment experience from around the globe and has a strong reputation for supporting the growth of high quality companies such as D&G. With ADIA’s investment alongside CVC’s ongoing commitment, we will have a new ownership structure underpinned by two stable and well-resourced global investors. It is a strong platform enabling us to focus on our growth plans in the UK and internationally. All of us at D&G look forward to working with them.”
Sam Turvey – Maitland 0207 379 5151 sturvey@maitland.co.uk
ABOUT D&G Established over 100 years ago, D&G is a leading large scale, high service provider of subscription-based appliance care for the home. We give our customers peace of mind and remove the hassle by repairing or replacing appliances when they develop a fault. With over 2,000 employees operating from four offices across the UK, D&G cares for approximately 23 million appliances providing support to approximately 16 million people globally. In addition to the UK, D&G operates across 10 other markets including Spain, Germany, France, Portugal, Italy and Australia. Find out more about D&G at www.domesticandgeneral.com
CVC is a leading private equity and investment advisory firm. Founded in 1981, CVC today has a network of 24 offices and over 500 employees throughout Europe, Asia and the US. To date, CVC has secured commitments of over US$123 billion from some of the world’s leading institutional investors across its private equity and credit strategies.
In total, CVC currently manages approximately US$76 billion of assets. Today, funds managed or advised by CVC are invested in 75 companies worldwide, employing c.300,000 people in numerous countries. Together, these companies have combined annual sales of over approximately US$100 billion.
For further information about CVC please visit: www.cvc.com
Established in 1976, ADIA is a globally diversified investment institution that prudently invests funds on behalf of the Government of Abu Dhabi through a strategy focused on long-term value creation.
ADIA has invested in private equity since 1989 and has built a significant internal team of
specialists with experience across asset products, geographies and sectors. Through its
extensive relationships across the industry, the Private Equities Department invests in private equity and credit products globally, often alongside external partners, and through externally managed primary and secondary funds.
Its philosophy is to build long-term, collaborative relationships with its partners and company
management teams to maximize value and support the implementation of agreed strategies.
For more information: https://www.adia.ae