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Santander supports MBO of Tempcover Ltd
Santander Growth Capital provides £5.75 million of funding to support the £13.3 million Connection Capital backed MBO of Tempcover Ltd – the UK’s leading online temporary insurance platform.
The UK’s largest provider of pay-as-you-go motor insurance, Tempcover, has been bought out by its management team for £13.3 million, with support from Connection Capital and Santander Growth Capital. The company specialises in the provision of temporary insurance cover, typically providing short term policies of 1-28 days available through its website, UK insurance brokers and affiliate partners.
Established in 2006, the company now has an estimated 60% market share in its niche, writing over 360,000 policies last year. Its bespoke, in-house built IT platform and relationships with a varied panel of underwriters allow it to offer highly flexible packages of cover.
The MBO will allow the management team to accelerate growth through developing their existing capabilities and expanding into other areas of temporary insurance products. The transaction was led for Santander by David French (Director) and Scott Douglas (Associate Director). Gowling WLG advised Santander, led by Kirsty Barnes (Partner).
Miles Otway, Partner, Connection Capital LLP said:
We’re pleased to be working with Santander again on this transaction, building upon an already strong relationship. The team’s flexible and pragmatic approach to financing leaves Tempcover well placed for growth.
David French, Director, Santander Growth Capital said:
We’re delighted to have supported the Connection Capital backed MBO of Tempcover. This represents the fourth transaction between Santander and Connection Capital and we look forward to working with both them and the management team to achieve their growth aspirations over the coming years.
