Company looking for equity injection with IPO on hold
Broking group Cooper Gay Swett & Crawford is seeking additional private equity investment to fund future growth.
In an exclusive interview with Insurance Times, CGSC chief executive Toby Esser said the company is hoping to do a deal “as soon as possible”.
“We think we have some outstanding opportunities, so the sooner the better,” he said. “It will be this year.”
Esser adds that the company is always in discussions with potential private equity investors, and has “a few favoured potential partners.”
“We are pretty keen on seeing if we can achieve something,” he said.
The company is seeking more equity capital for expansion and acquisitions in the absence of an initial public offering. The company has long had flotation plans, but they were put on hold following Cooper Gay’s 2010 merger with US wholesale broker Swett & Crawford, which formed the group as it is today. Plans are still on ice because of poor IPO markets.