Akin Advises Bain Capital Special Situations in 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 will transact over £3 billion in annual gross written premium. The transaction will be 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.
More details on the transaction can be found here.
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 Dougall Meston and associate George Burt. Special situations & private credit partner Paul Yin advised on the debt aspects with partners Fergus Wheeler and Amy Kennedy and finance counsel Sarah Challen McKee. The wider Akin team comprised tax partners Ryan Dahan and Matt Durward-Thomas and counsel Mohammed Natha.
Akin is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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