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ICON advises the shareholders of Insurance 4 Car Hire on its sale to Towergate
ICON advises the shareholders of Insurance 4 Car Hire on its sale to Towergate
Insurance 4 Car Hire ('I4CH') is a highly successful online insurance business providing specialist insurance products for the car rental market. Founded 5 years ago by Larry Ursich, I4CH provides customers with a number of products designed to insure against the high excess that can be charged by car rental companies when hiring a vehicle. The company has experienced impressive year on year turnover and profits growth and offers products that include cover for damage to windows, tyres, roof and the undercarriage of the vehicle which tend to be general exclusions of car rental agreements. Founder Larry Ursich commented: “We were very impressed with our advisers, ICON Corporate Finance - they created a healthy competitive environment and as a result we received offers from a number of corporate and financial acquirers. This boosted our negotiating position and added significantly to the value of the deal.” James Thomas, Investment Director at ICON commented: “The terms offered by Towergate were a good cultural and strategic fit and provided a highly attractive transaction for stakeholders also an opportunity for the management and employees to be part of a vibrant larger business going forward”. Towergate is Europe’s largest independently owned insurance organization. In a statement they said: 'The acquisition of I4CH provides Towergate access to a successful internet based business where all sales and fulfillment are carried out online. This will help Towergate strengthen its online capabilities and build its expertise further in the distribution of consumer products online. 'Peter Cullum, Executive Chairman of Towergate added: 'This is a business with a great track record and significant growth potential. It’s yet another great signing for Towergate which will help strengthen our online capabilities and product offering to customers”.Towergate is continuing to expand both organically and through acquisitions. It currently employs over 3,000 people at its 100 offices and offers around 200 specialist insurance products.
Publisher Contact Information:
ICON Corporate Finance
+44 (0) 207 152 6375
nicky@iconcorpfin.co.ukCompany profile of ICON Corporate Finance
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