CDPQ Participates in Ares Management Mega Financial Deal for The Ardonagh Group

Posted on 06/23/2020

Ares Management Corporation is the lead arranger for a £1.875 billion financing commitment to The Ardonagh Group, the U.K.’s largest independent insurance broker, through Ares’ global direct lending platform. Ardonagh is majority owned by HPS Investment Partners and Madison Dearborn Partners. In addition to direct lending funds managed by Ares, other significant lenders include Caisse de dépôt et placement du Québec (CDPQ), HPS Investment Partners, and private equity firm KKR.

The financing is comprised of a £1.575 billion unitranche loan and a £300 million committed capital expenditures facility. The combined £1.875 billion commitment represents the largest ever unitranche financing. The financing will be part of the company’s global refinancing to support its business expansion plans.

The Ardonagh Group was formed in 2017. The company grew significantly through a series of acquisitions in 2018 that linked mega insurance brokerage brands in the U.K. including Autonet, Bishopsgate, Carole Nash, Geo Underwriting, Price Forbes, Swinton, Towergate, and URIS. The Ardonagh Group has more than 100 office locations.

Keywords: Caisse de depot et placement du Quebec.