Sale agreed and FSA approval received
Lark’s management buyout (MBO) from parent company Groupama will be completed on Monday, Insurance Times can reveal.
Sources close to the deal said that Groupama had agreed the sale and the transaction had received FSA approval.
Sources have said that Lloyd’s Bank financed the deal.
Groupama was advised by Deutsche Bank and the management team of Lark was advised by Fenchurch Advisory.
Details of the cost of the deal have not been disclosed yet.
The Bollington MBO and the sale of Groupama’s insurance arm are still believed to be some way off.
Groupama released its first half 2012 results this morning, posting a net loss of €87m (£68.5m), compared with a profit of €151m in last year’s first half.
The company was hit by €204m of exceptional restructuring charges during the half. This includes income from discontinued business entities that the company is selling, and exceptional goodwill impairment.
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