Sonae takes greater stake in Cooper Gay

by Richard Kilner

Story link: Sonae takes greater stake in Cooper Gay

MDS, SGPS, S.A. a subsidiary of the Portuguese firm Sonae SGPS (Sonae), has increased its stake in Cooper Gay to 32.12%, from 13.68%.

It was in mid-2007 that Sonae first acquired a minority shareholding in Cooper Gay. In the meantime Cooper Gay has signed a senior debt financing facility of £31.6m with National Australia Bank and earnings up almost a third for the year ending 31 December 2007.

The firm has a strategic approach which involves the acquisition of wholesale and reinsurance businesses operating in the London market, including the Aerospace, Reinsurance and UK wholesale divisions of Heath Lambert.

This year the firm wholly acquired Canadian MGA, Creechurch International Underwriters.

Group chief executive officer, Toby Esser, has expressed his delight at the progress the recently acquired teams have made and their successful integration into the firm.

Esser went on to welcome the extra investment from Sonae, describing it as a sign of confidence in the firm and that the relationship was mutually beneficial.