In the UK insurance industry, stories are rarely bigger than the news of Ardonagh, the UK’s largest independent insurance brokerage, swooping for the name behind the biggest broker network in the country, Bravo Group (see the full story here). But how does a deal like that come about?
While the industry eagerly awaits further comment from both parties, what has been made apparent is that Ardonagh has secured the “largest-ever” unitranche loan, being led by Ares Management. It consists of a £1.575 billion unitranche loan, as well as a £300 million committed capital expenditures facility. Combined at £1.875 billion, it will be used by Ardonagh, according to the lender, to “support its business expansion plans.”
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