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Case studies

Home & Legacy

Sectors: Financial Services

Deal Type: Growth, Exited - Trade Sale

Transaction Value: £20 million

www.homeandlegacy.co.uk

Dunedin contact:
Giles Derry

 
Home and Legacy

Overview

In September 2003, Sand Aire Private Equity (acquired by Dunedin in 2005) backed Home and Legacy's founder and Managing Director, Gary Burke, in a £20m management buyout. The investment allowed him to realise a portion of the value he created in the company while reinvesting the majority of his wealth into the ongoing vehicle. The management team included Simon Lloyd as Operations Director and John Callant as Finance Director, both of whom had worked with the business for some time prior to the buyout.

Deal Features

The investment was a strong fit with Sand Aire"s strategy of providing the finance to allow an owner to release wealth while enabling the business to grow in the hands of new management. Furthermore, Home and Legacy was a successful business focused on a very tightly defined niche, with a core marketplace that was growing strongly.

Sand Aire quickly recognised that Gary Burke had the industry knowledge and ambition to continue to seek innovative ways to grow the business. Over the course of the investment, two further rounds of funding allowed him to drive the business forward through organic growth and strategic alliances. Sand Aire also supported the management team with the introduction of experienced non executive directors, Graham Stow and Michael Hart, who enhanced reporting and corporate governance as the business became FSA regulated.

The business was sold in June 2006 to Allianz Cornhill Insurance plc, generating 2.7 times Sand Aire's investment and an IRR of 73%.

Business Description

Established by Gary Burke in 1995, Home and Legacy is an underwriting agent specialising in the provision of home and contents insurance to mid and high net-worth individuals. Over the last decade, it has carved a strong niche for itself through the creation of specially tailored policies which contain fewer exclusions than would typically be found in mass market policies. The company writes business on behalf of seven of the UK's leading insurers who include AXA, Allianz Cornhill, Groupama, Legal & General, Norwich Union, NIG and Sterling.

Home and Legacy's perspective

"The team demonstrated a real understanding of our business early in the process and impressed us with their innovative approach to deal structuring. We developed a strong bond with the team, who added significant value through the introduction of high calibre non-executives and strategic guidance. It was an effective partnership which expanded the business and upon the sale of the firm delivered substantial returns to all shareholders." Gary Burke, Managing Director, Home and Legacy

Your Expertise 2

What people say about us

"Dunedin has supported Capula throughout the investment, forming a close relationship with the team to help develop a clear strategic vision for the business."

Roger Turner

Chief Executive, Capula

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