Portfolio



Current Investments


Exited Investments


Responsible Investing




EXITED INVESTMENTS

Canopius

In December 2003, Bregal became the majority shareholder in Canopius. Canopius is a general insurance company operating in the Lloyd's insurance market in London, with additional underwriting platforms in Bermuda, the US, Zurich, Dublin and Singapore. Canopius underwrites primarily short-tail property risks and some casualty risks.

With the Bregal Fund I having made the initial investment in Canopius, the Bregal Fund II and the Bregal Fund III invested further capital into the Company to support continued growth in underwriting in 2008 and the acquisition of Omega Insurance Holdings in 2012.

In May 2014, Bregal successfully completed the sale of Canopius to Sompo Japan Insurance Inc., one of the largest insurance companies in Japan.

Mirror Controls International

In June 2007, Bregal agreed to acquire Mirror Controls International BV ("MCi") from Eaton Corp., the listed US industrial group. MCi, headquartered in Woerden, Netherlands, is the leading global supplier of motorised actuators for exterior automotive mirror systems. The company is a Tier 2 component specialist, supplying to the global mirror system suppliers from manufacturing operations in Ireland, Mexico and China. It is recognised in the industry for its technological leadership and superior operational effectiveness and is the only independent Tier 2 player of significance in its industry.

 

In August 2012, Bregal successfully completed the sale of MCi to Egeria, a Netherlands based private equity investor.

Resolution

In January 2004, Bregal invested in Resolution, a UK property company which buys, develops and actively manages commercial property, principally in Europe, but also in the United Kingdom. The company has to date purchased property assets in the UK, Scandinavia, Spain, Portugal, Switzerland and Germany. Alongside the Bregal Funds, Warburg Pincus and other investors have invested substantial additional capital into the business.

Studialis

Bregal set up Studialis in November 2007 to build a business in the higher education sector in French-speaking countries. Over the Bregal Capital ownership period, Studialis acquired thirteen French private education groups providing recognised undergraduate and graduate courses to a total of 17,500 students in the fields of management, marketing & communication, journalism, finance and accounting, graphic, industrial, interior, fashion and web design, acting and cinema, as well as in arts and culture management.

 

In October 2015, Bregal Capital sold Studialis to Galileo Education, making it the largest European higher education business and the best positioned to expand internationally.

Equity Insurance Group (formerly Cox Insurance)

In July 2005 Bregal acquired Equity Insurance Group ("EIG") in a public offer and delisted the company from the London Stock Exchange. EIG, based in Brentwood, Essex, is an insurance business comprising a motor underwriting business as well as a broking and distribution business. The underwriting business operates as a Lloyd's syndicate called Equity Red Star ("ERS"), which had €400 million of premium capacity for 2006. ERS is the seventh largest motor underwriter and the largest motorcycle insurer in the UK and has a 36-year unbroken track record of profitability. Bregal worked over many months together with Neil Utley, CEO of EIG, to acquire the company and completed the acquisition in partnership with another private equity firm in mid-2005.

On 8th January 2007, EIG was sold to Insurance Australia group Ltd for a total consideration of €570 million.

Global Solutions

In May 2004, Bregal agreed to purchase Global Solutions Ltd ("GSL"), a leading UK and overseas provider of outsourced services to public authorities and operators within the growing PFI and PPP outsourcing market. GSL's service offering incorporates: Custodial Services - prison management, escorting, immigration, custody and training; Integrated Services - project management, maintenance and logistics solutions for the healthcare, education and local authority sectors; Metering and Managed Services - gas and electricity meter reading and data aggregation services for utilities. Bregal acquired GSL in partnership with Cognetas LLP.

In May 2008, Bregal completed the sale of GSL to G4S plc for a gross enterprise valuation of €355 million.

TBIH

Starting in January 2005, Bregal subscribed for new shares in TBIH Financial Services Group NV, to invest €30.3 million in total for a structured security equivalent to 17.2% of the company. TBIH, headquartered in Amsterdam, is the holding company of a group that provides pension, insurance, leasing, consumer finance, mortgages, and asset management services in Central and Eastern Europe ("CEE"). TBIH was established in 1998 to address the opportunities presented by pension reform, low insurance penetration and underdeveloped lending and asset management services in CEE. The main countries of operation are Bulgaria, Romania and Slovakia with other operations in Croatia, Serbia, Ukraine and Russia. Our partner investors in TBIH were MidOcean Partners, Kardan NV and management.

On 5th April 2006, Bregal completed the sale of one third of its shares in TBIH, to the majority shareholder of the company with put and call options to sell the remainder of its shares at a pre-agreed price over two years. On 31st July 2006, however, Bregal entered into a new agreement to sell all its remaining shares in TBIH to the same buyer immediately.

Zephyr

In February 2004, Bregal invested in Zephyr Investments Ltd. A second group of wind farms was contributed to Zephyr in December 2005, with a third group contributed in December 2006. Zephyr was the first off-balance sheet portfolio financing of wind farms operating under the UK Renewables Obligation Certificates ("ROCs") mechanism. RWE provided Zephyr with a long term fixed price power purchase agreement, including ROCs, and a long term operation and maintenance services contract for the assets. The Zephyr portfolio comprised 391 MW of mostly onshore capacity across the UK. Bregal owned Zephyr in partnership with Arcapita and RWE.

In May 2007, Bregal completed the sale of their interest in Zephyr to a consortium of Prudential's infrastructure fund and J.P. Morgan's infrastructure fund at an enterprise valuation in excess of €700 million.

COSFI

In July 2006, Bregal invested in COSFI, France's leading cosmetic surgery and cosmetic medicine group. Established in 1990 by four partners, the company, which initially consisted of a single clinic, has grown rapidly to become the largest cosmetic surgery group in France. Located in the heart of Paris, the clinic offers both surgical and non-surgical treatments. In addition, COSFI operates twelve medical centres, which are located mainly in the suburbs of Paris and offer only non-surgical treatments. COSFI's aim was to become one of the leading players in Europe in the field of cosmetic surgery and cosmetic medicine. However, due to fundamental disagreements with the original founders over the strategy for COSFI, Bregal decided to divest its stake and sold it back to the company's founders in December 2007.

Ideal Boilers

In September 2013, Bregal acquired Ideal Stelrad Group (“ISG”). ISG, headquartered in Newcastle (UK), was a boiler and radiator manufacturing company with production facilities across Europe. Bregal separated the boiler and radiator divisions during 2014 and successfully sold the boiler division to Groupe Atlantic in January 2015. Ideal Boilers manufactures high-efficiency domestic and commercial condensing boilers from its production facility in Hull, UK. It is the #3 boiler manufacturer in the UK by market share.