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Altamont to Acquire Topa Insurance from Topa Equities
Tuesday 13 August 2019

13 August 2019 - California, US-based private investment firm Altamont Capital Partners has agreed to acquire Topa Insurance Group from Topa Equities Ltd., the company said.
Terms of the transaction were not disclosed.
Altamont will assume majority control and Topa Equities will maintain a minority equity stake in the business following the closing.
Following consummation of the transaction, the strategy for the business will remain largely the same in terms of a focus on speciality P and C lines, but with added support from Altamont to further build the business through acquiring both new capabilities and areas of expertise.
Altamont Capital Partners has more than USD 2.5bn of assets under management. Altamont is focussed on investing in middle market businesses where it can partner with leading management teams to help its portfolio companies reach their full potential.
Topa Equities Ltd. is a private, family-owned, diversified holding company.
Headquartered in Los Angeles, the company owns more than 25 subsidiaries with primary locations in Southern California, Hawaii and the US Virgin Islands. Topa has four main lines of business: beverage distribution, automotive retail, insurance and real estate.
Topa is the parent company of Topa Insurance company and Dorchester Insurance company, the second-largest P and C carrier in the US Virgin Islands. Topa wrote over USD 130m of gross written premium in 2018 across a combination of its internally-managed wholesale channel and third-party managing general agency partners, all with a common theme of focusing on speciality and niche underwriting.
Topa Equities was represented by Drinker Biddle and Reath LLP and Dowling Hales and Altamont was represented by Sidley Austin LLP and RBC Capital Markets.
Details
Date Published: 13/08/2019
Target: Topa Insurance Group
Country: USA
Sector: Insurance
Type: LBO
Financing:
Status: Agreed
Vendor: Topa Equities Ltd
Buyer: Altamont Capital Partners
Buyer Advisor: Sidley Austin , RBC Capital Markets
Comment:
Terms of the deal were not disclosed

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