A group of three private equity firms look set to cash in their investment in Heath Lambert (HLF) after it emerged that US insurance broker Marsh was planning to make a bid for the UK insurance firm.
Heath Lambert has been the subject of a number of recent approaches, the most recent of which emerged on Tuesday, when it was reported that the US insurance giant was planning to make a £350m offer for the business.
Candover, Phoenix Equity Partners and Advent co-led the E148m public to private buyout of the then-named C E Heath in 1997. In December 1999, the business was merged with Lambert Fenchurch Group, itself a former Candover-backed buyout.
Heath Lambert is the seventh largest insurance and reinsurance broker in the world, with 4000 staff in over 80 offices worldwide. The company’s head office is in London. The group made operating profits of £49m on turnover of £279m in the year to March 2002, the most recent period for which figures are available.