Windsor Ltd. Completes Refinancing

Windsor Ltd., a Lloyds insurance broker, has completed a refinancing that has enabled it to repay most of the company used to finance its 2007 take-private. Clydesdale Bank provided new senior debt facilities. Hutton Collins Partners will retain a minority position.

PRESS RELEASE

Hutton Collins Partners LLP (“Hutton Collins”) is pleased to announce the successful refinancing of its portfolio company Windsor Limited (“Windsor”), the leading Lloyds insurance broker. The new senior debt facilities, provided by Clydesdale Bank PLC, have enabled Windsor to repay the substantial majority of the capital used to finance the Management’s take-private of the company in 2007. Hutton Collins, which provided £15 million of preferred equity capital to support the Management Buyout, will remain a shareholder. Management will retain its 78% shareholding.

Windsor, a specialist Lloyds broker, has consistently outperformed across its diversified group of industry sectors. Against the run of play, Windsor’s multiple product lines have continued to attract new customers from previously untouched geographical markets, helping to support a strategy of strong organic growth. The refinancing reflects Windsor’s strong performance, with broking profit increasing at a CAGR of 40% since Management acquired the Company in 2007.

In 2009 Windsor was rated No.2 by Insurance Times in its benchmark peer review of the UK insurance broking market. It is the only broker to have been placed in the top three in each of the last three years.

Douglas Oppenheim, Partner at Hutton Collins, commented:

“This successful refinancing in a difficult lending market demonstrates the strengths of Windsor’s business model. A large part of the earnings growth reflects the empowering nature of the deal structure which allowed so many people across the company to acquire equity in their business. We expect Windsor to go from strength to strength and look forward to continuing to support John Bennett and his team going forward.”

John Bennett, Chief Executive Officer of Windsor, commented:

“This refinancing is a major milestone for Windsor. We are delighted to have repaid much of the capital invested in taking our company private in 2007. We are proud of our growth, which is the result of much hard work by people in difficult market conditions. Windsor is well set for the future and we are excited by the opportunities that lie ahead.”