Howden, the London-based international insurance broker, announced the signing of the acquisition of SPF Private Clients (SPF), subject to regulatory approval.
Financial details of the deal were not disclosed.
SPF was formed in 2011 after a management buyout and rebrand of Savills Private Finance, the financial arm of Savills plc, before Cabot Square Capital acquired a majority stake in the business in 2018. SPF specializes in residential and commercial mortgage broking, commercial real estate insurance, high net worth personal lines insurance, property title insurance, life assurance and associated wealth management consulting.
Howden said the deal will extend its offering to the mortgage broking market while enhancing its existing general insurance and wealth management offering, including its high net worth and private client focused businesses.
SPF will join Howden’s UK & Ireland business to further enhance its position as an independent insurance distributor in the region with Mark Harris remaining as CEO, said Howden. SPF Private Clients employs 180 people across offices in London, Oxford, Bath, Cambridge, Manchester and Guernsey, advising clients in the UK and overseas. It’s parent company, SPF Group Holdings, also owns specialist lender Lendco, which is not part of the Howden transaction.
“SPF and Howden are highly complementary businesses that focus on providing the best solutions to our clients while always putting our people first. SPF will benefit from the significant opportunities that being part of Howden will deliver, with a big drive into offering our debt product lines across the group. We will carry on doing what we do best, ultimately enabling us to develop products to best serve our clients while allowing our talent to flourish,” commented Mark Harris, CEO, SPF.
“With SPF, the recent acquisition of A-Plan and the upcoming completion of Aston Lark, Howden UK & Ireland will be a leading end-to-end insurance distributor capable of supporting all of our clients, whatever their insurance and mortgage needs, underpinned by market-leading digital and data capability,” said Carl Shuker, CEO, Howden UK & Ireland.
“Howden and SPF have a long-established trading relationship, so SPF joining the Howden family is a natural next step in our partnership. Its unique qualities will greatly enhance our offering in the region by diversification into complementary product distribution that will further position us as a leader in our home market,” said Chris Evans, deputy CEO, Howden Broking Group.
“It has been a privilege to partner with Mark Harris and the SPF team. Since we backed SPF in 2018, the business has strengthened its position as the leading UK property, insurance, and wealth intermediary for affluent and high net worth individuals, maintaining its differentiated relationship led approach whilst underpinned by significant technology investment,” said Tarun Sharma, partner, Cabot Square Capital. “We are delighted with the outcome and are confident SPF will continue to thrive as part of Howden.”
Deloitte acted as financial and tax due diligence adviser and RPC as legal adviser to Howden on this transaction. KPMG Corporate Finance acted as adviser to SPF shareholders. HSF acted as legal advisor to Cabot and Taylor Wessing acted as legal advisor to management shareholders on this transaction.
About Howden Broking
Howden Broking, part of Howden Group, is an independent provider of re/insurance brokerage, risk consulting and employee benefits advice. Howden comprises owned businesses across Europe, Asia, Africa, Latin America, the Pacific and the Middle East. Established in 1994, Howden employs more than 11,000 people worldwide.
About Cabot Square Capital
Cabot Square Capital is a leading mid-market private equity fund manager focussed on cash-yielding assets (real assets, credit, infrastructure) and related services businesses in Western Europe. Established in 1996 and headquartered in London, Cabot Square Capital is currently managing its fourth and fifth private equity funds.
Source: Howden Broking
Topics Mergers & Acquisitions
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