Alchemy Partners, a London-based private equity firm, has sold Footman James, a specialist insurer, to Aon, a risk management and insurance company, for an undisclosed amount, a statement said. It is thought that Aon paid about $118 million (€91 million) in cash and shares, the Financial Times, a UK daily newspaper, reported. Alchemy has made a return of 3.6 times its investment, according to Dominic Slade, a partner at Alchemy.
Aon already provides insurance for classic and sports cars, holiday homes, yachts, travel, art, antiques and estates.
Alchemy bought Footman James with Viridian, a Northern Ireland energy group, in 2002.
Slade said Alchemy was attracted to Footman James because it was “a business with an excellent service offering and strong market position”. He said the firm sold because after a five year investment, the management wanted to move on.
Macfarlanes, a London-based firm, gave legal advice to Alchemy, while Deloitte provided financial services.
Hines Associates, a London-based corporate finance company, provided financial services to Aon while Simmons & Simmons gave legal advice.