CVC selects banks to lead Domestic & General float, say sources: Reuters

Private equity firm CVC has chosen Barclays (BARC.L), Bank of America Merrill Lynch (BAC.N) and Credit Suisse (CSGN.S) to lead the initial public offering of warranty provider Domestic & General in London, two sources familiar with the matter said.

Rothschild is working as an adviser on the deal. Credit Suisse, Barclays and CVC declined to comment. Rothschild and Bank of America Merrill Lynch did not respond to a request for immediate comment.

CVC Capital Partners acquired Domestic & General in 2013, when it had annual sales of more than 600 million pounds ($791 million).

For the quarter which ended June 30 the company reported earnings before interest, tax, depreciation and amortization of 27.6 million pounds ($36.2 million) on sales of 192 million pounds.

Domestic & General was established in 1912, insuring livestock in Western Australia, before moving its headquarters to London and broadening its range of general insurance.

CVC is private equity and credit fund with $69 billion of assets under management.