
Crescent-owned travel insurer to raise $475m in Australia IPO
Crescent Capital Partners-owned travel insurer Cover-More Group is targeting a A$521.2 million ($475 million) IPO on the Australian Securities Exchange.
According to a regulatory filing, the company will sell up to 260.6 million shares at A$2 apiece. Crescent plans to reduce its shareholding in the company to 13% from around 83% through the offering, while company management will cut its interest from 10.7% to 4.6%.
The private equity firm acquired Cover-More through a A$140 million leveraged buyout in September 2009, investing via Crescent Capital Partners III, a 2006 vintage vehicle with a corpus of A$400 million. Crescent closed its fourth fund in April 2012 at A$500 million.
Cover-More claims to be the largest integrated Australia-based provider of travel insurance and medical assistance. It serves more than 2 million customers each year, taking a 40% share of the Australia and New Zealand travel insurance market. Since Crescent's investment, the company has made bolt-on acquisitions in China and India, and expanded into Southeast Asia.
Its shares are due to begin trading on December 19. Macquarie and UBS are joint managers for the offering.
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