Voluntary administrators of New Zealand-based CBL Corporation have advised that an agreement has been made to sell the UK-based Professional fee Protection (PfP) business to US private equity firms Highbridge Principal Strategies (HPS) and Madison Dearborn Partners (MDP).
Administrators Brendon Gibson and Neale Jackson of KordaMentha initiated the sale process. The agreement was entered into by the CBL subsidiary PfP Holdings Pte Ltd, which is in liquidation. The sale terms were not disclosed.
PFP, in a media statement, said the transaction is expected to complete in the next few weeks, subject to regulatory approval.
According to PfP managing director Kevin Igoe, the agreement is great news for the company’s accountancy firms and their clients.
“This will provide PfP and our clients with significant financial security and a wealth of exciting opportunity when it comes to the future development of our products and services,” Igoe noted. “Culture and commitment to customer service were very important to us when finding a buyer and I’m pleased to see PfP will be joining like-minded businesses and leadership teams as part of HPS and MDP’s growing portfolio of insurance companies.”
Both HPS and MDP have an expanding portfolio of leading UK broking brands, including a major shareholding in The Ardonagh Group.
On June 19, the administrators announced a further adjournment of the watershed meeting of CBL Corporation, following an application to the High Court. The watershed meeting will be held no later than August 17, or any date prior, by giving all creditors no less than five working days’ notice.
