Pearl secures investment partner
Closed life fund consolidator, Pearl Group, is reported to have secured a £500 million injection of capital from Liberty Acquisition Holdings, a specialist acquisition company.
Pearl’s £5 billion acquisition of Resolution last year left the company burdened with debt and according to a report in The Times, the investment by Liberty is in exchange for a 60% stake in the group.
In April, Pearl revealed plans to raise £500 million of capital prior to an initial public offering on the London Stock Exchange.
The group recently said that while it sees itself in a market full of opportunities, funding future acquisition through debt is no longer appropriate.
Pearl’s ambitions may bring it into competition with Resolution Ltd, a relatively new venture set up by Clive Cowdery, the former head of the Pearl-acquired Resolution.
Mr Cowdery founded the original Resolution in 2003 with a loan of £500,000; he went on to transform the business into a FTSE 100 company, via a series of acquisitions and mergers.
He now has plans for the flotation of his Resolution Ltd acquisition vehicle, which will buy outright, or acquire stakes in, companies in the banking, life insurance and asset management sectors.
Category: Companies News, Financials, Insurance News
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