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Advent hopes for big payout from Domestic & General sale

19 Nov 2012

Global buyout house Advent International is reportedly hoping to sell insurance business Domestic & General for almost double the £524m it paid for it in 2007.

The domestic appliance warranty supplier could sell for up to £1bn, according to a report in the Telegraph newspaper, which said Advent had successfully paid off debt and grown the company in its five-year ownership.

D&G’s sales have risen from £300m at the time of the buyout to £570m at the end of March this year, the report added.

Early last year Advent also made a £200m investment in UK business Towergate Partnership, Europe’s largest independent insurance intermediary.

The Boston-based firm has just finished raising a mammoth €8.5bn fund, the second-largest private equity fund closed since the financial crisis after Blackstone’s recent real estate offering.

GPE VII will focus primarily on developed US and European markets, according to the firm, which was originally targeting €7bn when it officially launched the fund just eight months ago.

It said the fund had been heavily subscribed by existing LPs as well as picking up commitments from new investors.

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