At least one other private equity firm bidding for minority stake
Towergate is in talks with Advent International and at least one other private equity firm about selling a minority stake in the consolidator, Insurance Times understands.
As previously reported, Towergate has signed a preliminary agreement with a private equity house which, if successful, will hand the firm a minority stake in the business in the first quarter of this year.
Insurance Times can now reveal that at least one other private equity house is also competing for a deal.
Advent International is understood to be in the running. Chairman Peter Cullum has a close relationship with the business.