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PRINT THIS PAGE Duke Street and Englefield acquire UK Cox Insurance for £390.8m11/07/2005. Source: AltAssets. 
 European buy-out firms Duke Street Capital and Englefield Capital have declared their offer for Cox Insurance unconditional in all respects as of 24 June 2005.
Based on the offer price of 94 pence per share (92 pence plus two pence dividend), Cox will be acquired for an enterprise value of £390.8m, representing a purchase price multiple of 5.5x estimated December 2004 PF EBITDA of £70.9m.
Cox is active in the UK personal lines insurance market and consists of an integrated underwriter and broker.
The consortium's core strategy will focus on maintaining a culture of underwriting excellence while growing the brokerage business profitably, Duke Street said in a statement. Neil Utley, the former CEO of Cox, is leading the consortium.
Copyright © 2005 AltAssets
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