The Carlyle Group has agreed to buy a majority stake in Barbon Insurance Group, a provider of tenant referencing and insurance products for the UK private rental sector. No financial terms were disclosed for the deal that is expected to be completed in the second quarter of this year. Duff & Phelps served as financial advisor to Carlyle on the transaction.
London, UK – Global alternative asset manager The Carlyle Group (NASDAQ: CG) today announced that it has agreed to acquire a majority stake in Barbon Insurance Group, a provider of tenant referencing and insurance products to the UK private rental sector. The company trades under three brands, HomeLet, Letsure and Rentshield. Barbon Insurance Group also produces the HomeLet Rental Index, the most comprehensive and up-to-date data on new tenancies and rental prices across the UK.
Capital for this investment will come from Carlyle Global Financial Services Partners II, a fund that invests in management buyouts, growth capital opportunities and strategic minority investments in financial services firms globally. This will be the fourth investment by the fund. The transaction is expected to close in the second quarter of 2015, subject to customary closing requirements and regulatory approvals.
Martin Totty, the CEO of Barbon Insurance Group, commented: “We are delighted to partner with The Carlyle Group, which has a strong track record of investing in growth companies. Their in-depth knowledge of the insurance sector, built over many years, will significantly contribute to the continuing development of our business.”
Olivier Sarkozy, Managing Director at The Carlyle Group, added: “Barbon is a well-established business with strong growth potential and an authoritative, trusted voice in the market. With demand for private rental accommodation in the UK expected to continue to increase, we believe our future partnership is well placed to capitalise on the expected trend in the market. We are excited about the opportunity to support the management team and to help them grow the business.”
Duff & Phelps acted as Financial Advisor to Carlyle and Linklaters acted as Legal Advisors.
Barbon Insurance Group is the UK’s leading provider of tenant referencing and insurance to the private rental sector. For more information please visit www.barbon.com
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $194 billion of assets under management across 128 funds and 142 fund of funds vehicles as of December 31, 2014. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,650 people in 40 offices across six continents.