Akin Advises Bain Capital Special Situations in £1.2 Billion Ardonagh and Markerstudy Insurance Merger
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(London) – Akin advised Bain Capital Special Situations in the investment it co-led with Pollen Street Capital in the merger between The Markerstudy Group and Atlanta Group – The Ardonagh Group’s personal lines broking business – to create a major new player in the U.K. insurance market.
The combined business will provide a range of insurance products and transact over £3 billion in annual gross written premium. The transaction is funded by a new equity investment led by Pollen Street Capital and Bain Capital Special Situations and by a senior secured facility provided by a club of lenders (including Bain Capital Special Situations) that may also be used to refinance existing debt of the combined group and support future acquisitions and growth capital expenditure.
The deal, valued at £1.2 billion, closed on June 26.
A multidisciplinary Akin team led by special situations & private credit co-head Ranesh Ramanathan advised Bain on both the equity and debt aspects of the transaction.
Corporate partner Vance Chapman advised on the equity aspects with counsel Jasdeep Rai and George Burt. Special situations & private credit partner Amy Kennedy and finance counsel Sarah Challen McKee advised on the debt aspects.
Akin is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
