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Taylor Wessing advises esure insurance on buyout from Lloyds

Taylor Wessing has advised online motor insurance provider esure on its management buyout from Lloyds Banking Group, funded by private equity firm Penta Capital.

The deal, valued in excess of GBP185m, comes 15 months after the part nationalised bank assumed a 70 per cent stake in the insurance provider following its takeover of HBOS in 2008.

Under the terms of the deal, Lloyds’ 70 per cent stake in esure has been acquired by a new investment vehicle owned by insurance entrepreneur Peter Wood, esure staff and Penta Capital.

esure was jointly founded by Wood and Halifax in 2000. It is now one of the UK’s best known motor insurance providers, including the well known Sheilas’ Wheels brand. 

After its takeover of HBOS in 2008, Lloyds became a majority shareholder in esure, with Wood and esure staff retaining the remaining 30 per cent stake.

Glyn Morgan (pictured), client partner at Taylor Wessing, says: "We are delighted to have completed this deal for esure. It will enable both companies involved to look to the future to pursue their own goals and best serve the interests of their customers.”
Stuart Vann, head of insurance, risk and acquisition from esure, adds: "Taylor Wessing fielded a superb team and provided us with first class advice and service throughout the process."

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