Private equity firm buys £30m stake as part of Peter Wood's Lloyds buyout
Electra Partners invested £30m in Peter Wood’s buyout of Esure from Lloyds Banking Group, the private equity firm has confirmed.
Earlier today, Peter Wood, chairman and chief executive of Esure, and the management team of Esure purchased Lloyds Banking Group’s 70% stake in the company for £185m (click: Lloyds sells 70% of Esure to Peter Wood).
A new company, Esure Group Holdings Ltd, representing Wood, other management shareholders and new external investors, bought the shareholding in Esure that was inherited by Lloyds Banking Group after its acquisition of HBOS plc in 2008.
Tim Syder, deputy managing partner of Electra Partners, said: “We are delighted to be involved in this deal; Esure has a great brand, is managed by an entrepreneur with a fantastic track record and it is a good time in the industry cycle to be investing.”
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