Appleby acted as Isle of Man counsel, alongside Dickson Minto in London, to private equity firm Vitruvian Partners in its funding of the management-led buyout of Royal London 360° (RL360°) and its subsidiaries for an undisclosed sum from parent Royal London Group (RLG).
RLG says the transfer of ownership will enable RL360° to achieve its vision through a further acceleration of the growth that RL360° has experienced in recent years.
The RL360° executive management team, led by chief executive David Kneeshaw, will remain unchanged. Following completion, the company will be re-branded RL360°.
The Isle of Man aspects of the deal were led by partner and Isle of Man head of corporate and commercial Nick Verardi (pictured) who was supported by counsel Michelle Brook and associate Alexandra Watterson.
Verardi says: “Vitruvian has its sights on these exciting opportunities with all the hallmarks of success including a great growth strategy. These deals are right in our sweet spot and it is exactly the sort of investment Vitruvian looks for, a scalable services business addressing a global market opportunity. We are really pleased to be part of this.”
RL360° will be further strengthened through support from the global reinsurance group Munich Re, as well as an element of long term financing from RLG, and in addition to capital from Vitruvian.