Hyperion Announces Completion of Investment by General Atlantic
July 9, 2013
Hyperion Insurance Group, the international insurance intermediary group, is pleased to announce that global growth equity firm, General Atlantic, has completed the acquisition of just under 30% of the shares in Hyperion from 3i and BP Marsh. The transaction values the company at an equity value of £250 million.
Hyperion management and employees continue to hold over 60% of shares in the Company and no shares were sold by management or employees as part of the transaction.
John Bernstein, Managing Director of GA’s European operations, and David Hodgson, a founding partner of General Atlantic, are joining the Board as Non-Executive Directors.
David Howden, CEO of Hyperion, commented: “I am extremely pleased to be able to welcome General Atlantic as a shareholder as we enter the next phase of the Group’s development. General Atlantic invest in companies which are global and have significant growth potential, and so it is timely that on Sunday Hyperion was named, for the second year running, in the Sunday Times International Track 200 as one of the UK companies with the fastest growing international sales. As we look forward with a new global investment partner, the future for the Group is an exciting one. General Atlantic bring with them many forms of resources which we will access – their intellectual capital and global contacts will help us continue to grow internationally in the right way – and beyond that they are a long-term investor that will support us as we continue on the path to achieving our strategic objectives.”
John Bernstein said: “Hyperion is one of the most exciting growth companies we have come across which has built a global business by focusing on the emerging needs of customers for specialist insurance products. Hyperion has a deep pool of entrepreneurial managers and we look forward to partnering with them for the next phase of the Company’s fast growth.”