Livingstone Partners is pleased to announce the sale of TIS Group, the parent company for Absolute Assigned Policies Ltd (‘AAP’) and Protected Distribution Ltd (‘PDL’). TIS Group is the leading market maker in traded endowment policies (“TEPs”). The deal has been backed by Promethean Investments Fund LP (“Promethean”).
In the year to July 2006, TIS Group and PDL generated a combined turnover of approximately €310 million and profits before tax of €20 million. TIS Group currently has circa €1.48 billion of TEP funds under management.
Promethean has acquired 51% shareholdings in TIS and PDL for €74 million. Founder and Managing Director Lee Portnoi, alongside current shareholders who have built the businesses, will retain a 29% stake, and will remain as a non-executive director.
Arnie Iversen is joining the business as CEO. Arnie has a successful track record in financial services and has held senior positions with Next, GE Capital, GMAC and most recently Littlewoods Shop Direct Group.
Lee Portnoi, managing director of TIS Group, commented “Through their knowledge of the private equity community Livingstone were able to target a shortlist of potential investors with a specific interest and understanding of financial services and the unique nature of our business. The Livingstone team were dedicated and tenacious throughout, led the negotiations and provided pro active project management of the process to secure completion within a timetable of 6 weeks from the signing of Heads of Terms”.
Sir Peter Burt, Chairman of Promethean plc, said: “We believe that Lee Portnoi and his team have built an excellent business that has great potential for the future. We look forward to working with them in taking the business to the next level”.
The London team of international investment banking boutique Livingstone advised the shareholders of TIS Group and PDL. James Lever, Partner, commented “We believe that the business represents a strong platform for Promethean and new management to significantly expand with the active input of the founders and current management team”.
For further information contact Financial Services Sector Team Leader:
Tel: + 44 20 7484 4711