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Magenta Partners-backed insurance intermediary iprism refinances

10 Dec 2012

Online insurance intermediary iprism has concluded a debt raise from Royal Bank of Scotland to repay a majority of the loan notes held by founder Gary Burke and his private equity backer, Magenta Partners.

The financing was advised by Livingstone Partners, which also advised Burke on the equity capital raise which introduced Magenta to iprism in 2010.

Iprism is an insurance intermediary focused on the SME market providing new policies and renewals to brokers and direct customers that are underwritten by its panel of insurers.

Since Magenta invested, iprism has continued its growth, achieving over £2m EBITDA in 2011 and anticipating in excess of £4m in 2012. This growth is forecast to continue as iprism captures greater market share and enjoys the previous year’s policy renewals, it said.

Bill Troup, managing director of debt advisory at Livingstone London said, “Iprism’s profitability, strong cash generation and good visibility of earnings deliver the perfect characteristics to support leveraged debt. This was an excellent opportunity to return cash early to the private equity sponsors.”

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