Shuker says ‘business as usual’ despite change of ownership
A-Plan chief executive Carl Shuker has insisted that it is business as usual for the personal lines specialist following the sale of its private equity backer in a management buy out deal.
Barclays has announced that it is selling Barclays Private Equity, which will be renamed Equistone Partners Europe, for £45m.
Under a deal between A-Plan and Barclays Private Capital, concluded in 2008, the latter has a 68% stake in the company with the A-Plan management holding the remainder of the equity in the businesses.
Shuker told Insurance Times: “As far as we are concerned, the only change will be the name. For us it’s business as usual.”
The sale has been promoted by Barclays’ need to comply with increasingly tough regulatory capital requirements.
Following today’s announcement, Equistone will take over the management of BPE’s investments. The company will also build on BPE’s strategy of partnering with management teams to support buyouts.
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