Fosun to make strategic equity investment in Ironshore
01 August 2014
Kester Capital portfolio company, Ironshore Inc. (“Ironshore”), and Fosun International Limited (HKEx stock code: 00656, together with its subsidiaries, “Fosun”) announced today that they have entered into a definitive agreement for Fosun to purchase ordinary shares of Ironshore that would represent 20% of Ironshore’s total outstanding ordinary shares on a fully diluted basis. Ironshore will use all of the proceeds from the share issuance to fund repurchases of outstanding ordinary shares from existing shareholders, including existing long-term private equity shareholders. After giving effect to Fosun’s equity purchase and Ironshore’s use of proceeds, Fosun will be the largest shareholder of Ironshore. The transaction is subject to the receipt of regulatory approvals and other customary closing conditions.
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About Kester Capital
Kester Capital is a mid-market UK private equity firm investing in businesses with an enterprise value of £10-50 million. It was established in 2007 as Greenhill Capital Partners Europe, the European private equity arm of Greenhill & Co.