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Calera Capital buys majority of RFIB Holdings

Calera Capital said Thursday that it has bought a majority stake in RFIB Holdings Ltd. Financial terms weren’t announced. Management and employees of RFIB, led by CEOJonathan Turnbull, will retain a significant equity stake. Dennis Mahoney, former CEO of Aon UK, is joining as Executive Chairman and has also invested. London-based RFIB is Lloyd’s insurance and reinsurance broker.

PRESS RELEASE

SAN FRANCISCO & BOSTON–(BUSINESS WIRE)–Calera Capital, a leading middle-market private equity firm, announced today that it has acquired a majority stake in RFIB Holdings Limited, the international Lloyd’s insurance and reinsurance broker. Management and employees of RFIB, led by Jonathan Turnbull, CEO, will retain a significant equity stake in the business. As part of Calera’s transaction, Dennis Mahoney, former CEO of Aon UK, joins as Executive Chairman and has invested alongside Calera, management, and employees in the transaction.

Jonathan Turnbull said, “I am delighted to announce that we have completed the transaction with Calera Capital. Over the past three years, we have built a highly scalable business which we will grow by developing our existing specialty offering and investing in new teams and businesses. Our status as an independent specialist Lloyd’s broker is central to the achievement of our vision for RFIB.
“To realize our strategy we recognized that it was essential to secure a partner which would provide the necessary backing to take RFIB to the next stage in its development. The team at Calera Capital share our vision for the business and with their support we are now ideally positioned to realize our ambitions. This is a tremendous milestone in the history of RFIB and we look forward to a long and mutually beneficial relationship with Calera Capital.”
Dennis Mahoney said, “I am honored to have been invited to join Jonathan and his colleagues at RFIB. I believe many clients and indeed underwriters regard the ongoing success of a high quality independent broker as essential for a healthy market offering genuine options. In addition to fulfilling the role of Executive Chairman, I am investing substantial funds of my own to support the continued successful growth of RFIB.”
James Halow, Managing Director at Calera Capital, said, “RFIB has a strong brand, a long track record of executing for its clients and an attractive, scalable infrastructure to support future growth. As an independent, specialty broker, there are tremendous opportunities to further build the business in what is a rapidly evolving market. The belief of the management team in the future prospects of the business is evidenced by the considerable investment they are rolling forward into the transaction.”
Mark Williamson, Managing Partner of Calera Capital, added, “We are delighted to be partnering with Dennis, Jonathan and the RFIB team, and are committed to supporting them with the capital and resources needed to realize the substantial potential of this high quality enterprise.”
RFIB represents Calera’s tenth investment from Fund IV and reinforces Calera’s track record of successfully partnering with founders and management teams to build exceptional businesses over the longer-term. Terms of the transaction were not disclosed.
About RFIB Holdings Limited
RFIB is an independent international insurance and reinsurance broker. From its headquarters in the heart of the City of London’s insurance sector, and eight offices in major international centres, RFIB provides excellent service across its specialist lines.
For more information visit www.rfib.com
About Calera Capital
Founded in 1991, Calera Capital is a private investment firm which has invested over $2.8 billion. With offices in San Francisco and Boston, Calera focuses on partnering with founders and management teams to drive significant value creation in their businesses, primarily in two industry sectors: Business Services and Specialty Industrials. Calera Capital makes substantial equity investments in middle-market businesses, typically with enterprise values in the range of $100 million to $750 million, and works closely in support of management to build long-term sustainable value through the implementation of strategic and operating initiatives.
For more information, visit www.caleracapital.com.