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Maven leads public-to-private acquisition of LitComp

Maven has led the public-to-private acquisition of AIM listed LitComp, an insurance business operating predominantly in the after the event insurance market.

Maven investors have taken a 40 per cent stake in the newly de-listed business.

The acquisition has been made by bidco Torridon Capital and is the culmination of 15 months of work by the Maven AIM team of Stella Panu and Kimberly Martin.

Having originally supported the company at the time of its admission to AIM in 2006, they felt that the market had failed to reflect the intrinsic value and growth potential of LitComp and instigated the acquisition and delisting of the business.

Since the 2005 acquisition of Elite, the wholly owned subsidiary which specialises in after the event insurance, LitComp has generated a ten-fold growth in earnings to GBP2.3m for the year ended March 2009.

During the last year LitComp has also written its largest ever after the event insurance policy and has negotiated its re-insurance treaties on more favourable terms, thus increasing underwriting capacity and reducing claims risk.

Jason Smart (pictured), the existing chief executive, will continue to lead the business. The board has been strengthened by the appointment of two senior non-executives to support delivery of the business plan, both of whom have a strong track record in the insurance and risk management sector.

Maven has now completed 19 private equity and mezzanine transactions across a range of sectors since January 2009.

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