Howden to acquire private SPF clients in the UK

Howden, the London-based international insurance broker, has announced the signing of the acquisition of SPF Private Clients (SPF), subject to regulatory approval.

Financial details of the deal have not been disclosed.

SPF was incorporated in 2011 following a management buyout and rebranding 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 and commercial property insurance and high net worth personal line insurance, property title insurance, life insurance and associated wealth management advisory.

Howden said the deal will broaden its offering to the real estate brokerage market while enhancing existing general insurance and wealth management offerings, including high net worth companies and private clients.

Howden said SPF will join Howden’s UK and Ireland business to strengthen its position as an independent insurance distributor in the region with Mark Harris remaining as CEO. SPF Private Clients employs 180 people across its offices in London, Oxford, Bath, Cambridge, Manchester and Guernsey, advising clients in the UK and abroad. The parent company, SPF Group Holdings, also owns the specialty lending company Lendco, which is not part of the Howden deal.

“SPF and Howden are two highly complementary businesses focused on providing the best solutions for our clients while always putting our people first. SPF will capitalize on the great opportunities that being part of Howden will provide, with a great drive to introduce our debt product lines across the group. Mark Harris commented, SPF CEO.

“With SPF, the recent acquisition of A-Plan and the upcoming completion of Aston Lark, Howden UK & Ireland will be a leading distributor of comprehensive insurance able to support all of our customers, regardless of their insurance and mortgage needs, with market-leading digital capability and data. said Carl Shuker, CEO of Howden UK & Ireland.

“Howden and SPF have a longstanding business relationship, so having SPF join the Howden family is a natural next step in our partnership. His unique qualities will significantly enhance our offering in the region through diversification into Distribution of complementary products that will position us as a leader in our local market.

“It has been a privilege to partner with Mark Harris and the SPF team. Since we backed SPF in 2018, the company has cemented its position as the UK’s leading real estate, insurance and wealth broker for affluent and high net worth individuals, whilst maintaining its differentiated relationship-based approach while backing it with investments Great technology,” said Tarun Sharma, partner at Cabot Square Capital. “We are pleased with the outcome and are confident that SPF will continue to thrive as part of Howden.”

Deloitte acted as financial and tax due diligence advisor and RPC as legal counsel to Howden on this transaction. KPMG Corporate Finance acted as advisor to SPF shareholders. HSF acted as legal counsel to Capote and Taylor Wessing acted as legal counsel to the management shareholders in this transaction.

About Howden Brokerage

Howden Broking is part of the Howden Group, an independent provider of reinsurance brokerage, risk advisory and employee benefit advice. Howden has owned companies throughout Europe, Asia, Africa, Latin America and the Pacific, and the Middle East. Founded in 1994, Howden employs more than 11,000 people worldwide.

About Cabot Square Capital

Cabot Square Capital is a leading middle-market private equity fund manager focused on cash-generating assets (real assets, credit and infrastructure) and related service businesses in Western Europe. Founded in 1996 and headquartered in London, Cabot Square Capital currently manages the fourth and fifth private equity funds.

Source: Howden Broking

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