Barings Backs Add-On Investment by Bowmark-Owned Aston Scott
CHARLOTTE, N.C., July 17, 2017 (GLOBE NEWSWIRE) -- Barings, one of the world's leading asset management firms, announced today that it acted as mandated lead arranger of senior secured credit facilities to support the acquisition of U.K. insurance brokerage Lark Group by Bowmark Capital LLP-backed Aston Scott.
The combination of Aston Scott, a leading provider of commercial insurance products to small and medium-sized enterprises in the U.K. market, and Lark's specialized capabilities will create one of the U.K.'s top 20 independent commercial insurance brokers and employee benefits practices with 600 staff placing more than £250 million in gross premiums from 18 offices across the U.K.
In addition to senior secured unitranche funding, Barings is also providing a committed acquisition facility to help fund the future growth of Aston Scott, which Bowmark initially backed in 2015 as part of a management buyout.
"Bowmark is pleased with the close partnership Barings' global private finance group provided in supporting this important milestone for Aston Scott," said David Torbet, partner at Bowmark. "The team's speed in responding to our requests and flexibility in meeting our needs contributed greatly to the timely completion of the transaction."
"Barings appreciates the opportunity to partner with Bowmark again on Aston Scott's investment in Lark Group, and we look forward to continuing to build our relationship," said Mark Wilton, managing director in Barings' London-based European private finance group. "Aston Scott has built a strong franchise and high customer loyalty by providing value-added advisory services to its clients, and with Lark's capabilities and Bowmark's partnership we believe the company is well positioned for rapid growth in the highly fragmented U.K. insurance brokerage market."
About Bowmark Capital
Bowmark Capital is a leading private equity investment firm, specializing in UK growth companies valued at up to £200 million. We are supportive investors, backing experienced management teams to build world class businesses. Founded in 1997, Bowmark manages and advises funds totalling £850 million on behalf of a blue chip investor base, including public pension funds, insurance companies and financial institutions from the UK, US and Continental Europe. To learn more, visit www.bowmark.com.
About Barings LLC
Barings is a $288 billion* global asset management firm dedicated to meeting the evolving investment and capital needs of our clients. We build lasting partnerships that leverage our distinctive expertise across traditional and alternative asset classes to deliver innovative solutions and exceptional service. A member of the MassMutual Financial Group, Barings maintains a strong global presence with over 1,700 employees and 600 investment professionals across 41 offices in 17 countries. Learn more at www.barings.com.
*As of June 30, 2017
(U.S.) Brian Whelan, Barings, 704.805.7244, firstname.lastname@example.org