GRP is a specialist insurance group focusing on investing in Lloyd's of London market based intermediaries, which operate in the global speciality insurance and reinsurance markets. The company was, and continues to, pursue a buy-and-build strategy with funding required to support this.

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  • Date: Sep 16
  • Industry: Financial services
  • Location: London
  • Type: Acquisition
  • Revenue: £60m
  • Fund: Fund I

Funding Solution

The company was looking for investment to support its growth strategy without diluting equity. TDC provided an £11m term loan to support the acquisition of Marshall Woolridge, which later became the Group’s Yorkshire hub.

TDC value add

TDC backed a buy-and-build strategy facilitated growth in written premiums. In just over 12 months, the business demonstrated an increase in EBITDA of more than three times supported by TDC’s initial investment, as well as further funding from RBS and HSBC. This growth enabled the Group to attract a £200m funding line from Ares Capital which was used to refinance the facilities in a short space of time and provide materially more fire power for acquisition without diluting equity.

The deal team at TDC were accessible and executed the deal within a tight timeframe, allowing us to secure the acquisition in a competitive process.

Stephen Ross, COO

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