Private equity firm BC partners exits Sabre Insurance with £116m share sale
Sabre Insurance founder Angus Ball and private equity fund BC Partners today sold £116m shares in the car insurance company.
The share sale means that former majority shareholder BC Partners has sold its remaining holding in the company while Ball now holds a 1.8 per cent share.
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BC Partners and Ball sold 44,757,377 ordinary shares at a price of £2.60 per share, raising £116.4m.
Barclays Bank acted as sole global coordinator and bookrunner in connection with the offering.
Sabre Insurance shares were trading down 3.28 per cent this afternoon.
BC Partners bought a majority stake in Sabre in 2014 for £240m.
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Sabre floated on the stock market in 2017, at which point it was reported that BC Partners had doubled its initial outlay.
The Dorking-based insurer owns brands such as Go Girl, Drive Smart and Insure 2 Drive.