LONDON – Proskauer advised the selling shareholders of Direct Commercial Limited (“DCL”), including CBPE Capital (“CBPE”), a leading UK mid-market private equity firm, on the sale of DCL to Tokio Marine HCC International (“TMHCCI”), a member of the Tokio Marine HCC group of companies. The transaction also included DCL’s sister company, Direct Commercial Premium Finance Limited.
DCL is a UK commercial motor managing general agent specialising in commercial fleet insurance, with a particular focus on haulage vehicles. Founded in 2002, DCL writes more than £200 million in gross written premium and insures one in nine commercial trucks on UK roads. Following completion, DCL will continue to operate as a standalone business, retaining its existing brand, team and broker relationships.
The transaction completed following receipt of all necessary regulatory approvals.
The Proskauer team advising the selling shareholders was led by partners Andrew Wingfield and Rebecca Villarreal and included associates David Hill, Dylan Carty and Esme Malley (Private Equity M&A); partner Daniella Abel and associate Emma McDonnell (Tax); partner Oliver Howley and associate Joseph Saggese (TMT/AI); special international labor & employment counsel Nicola J. Bartholomew and special international labor, employment & data protection counsel Kelly McMullon (Labor & Employment); special regulatory counsel Edward Lister (Regulatory); and partner Vikki McKay and associate Benjamin Peacock (Real Estate).
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Proskauer is an elite global law firm with more than 900 lawyers in key financial centers in the United States, Europe, South America, and Asia. Our clients include many of the world’s leading businesses, including asset managers, banks, listed corporations, and private companies. We have deep expertise in several of the fastest-growing and dynamic segments of the market, including sports, technology, life sciences, and health care. We represent hundreds of asset managers across a wide spectrum of sectors and strategies, including private equity, private credit, hedge, real assets, secondaries, and capital solutions.