Broker gets £31m to spend on acquisitions.
Cooper Gay is set to continue its shopping spree after signing a £31.6m debt financing facility with National Australia Bank, London.
The broker is negotiating with a number of companies as it looks to acquire complementary wholesale and reinsurance businesses in the London market.
Toby Esser, chief executive of Cooper Gay, said: “There are further acquisition and organic growth opportunities out there to build the business and this is a significant step forward in the achievement of our objectives.”
The new facility replaces funding provided by Royal Bank of Scotland, which will remain a supporting partner to the group.
The move follows the acquisition of the aviation, reinsurance and UK whole-sale divisions of Heath Lambert, and elements of its international business, GBS, for about £6m two months ago.
The broker posted a 32% increase in EBITDA to £15.8m in 2007. Group revenues rose by 3% to £68.1m over the same period
Phil Rock, Cooper Gay’s Group chief financial officer, said of the National Australia Bank deal: “We are delighted to complete this exercise, which alongside the investment by Sonae in 2007, gives us the financial capacity to continue with our strategy to build the business.”
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