International legal practice Osborne Clarke has advised private equity house, Mobeus Equity Partners (Mobeus), on the £8.4 million management buyout of Travel & General Insurances Services Limited (T&G), a specialist intermediary focused on the travel industry.
T&G is a specialist providing financial protection insurance (surety bonds) to the travel industry, and operates as a Managing General Agent vested with underwriting authority by Hiscox, which acts as the primary insurer. Following the buyout, Hiscox will also support the business’s ambition to move into other areas of surety, including bonds for construction projects, leveraging its strong reputation and skilled underwriting base.
Mobeus is a long-standing client of Corporate Partner Tim Hewens. Tim and Partner Alistair Francis were assisted on the transaction by Associates Kate Robinson and Seamus McKimm, Trainee Solicitor James Salisbury and Partner David Nisbet who provided tax structuring advice on the transaction.
Osborne Clarke has a strong presence in the UK private equity market and this latest deal is one of a number of successful transactions the private equity team has worked on in the travel sector, including the management buyout of Class Tours in October 2017 and advising Travel Department's management team on an investment from MML Growth Capital Partners Ireland in February 2018.