Hotbed investors see profitable exit

Hotbed, the private investor network, is to realise one of its investments, a management buyout of Home and Legacy in early 2004, which has been sold to Allianz-Cornhill plc. A total of 70 of Hotbed’s private investors invested a combined £2.15m in this deal alongside Sand Aire Private Equity (now part of Dunedin Capital Partner’s fund management portfolio) in two funding amounts.

Home and Legacy is an insurance underwriting agent that specialises in buildings and content policies for mid to high net worth individuals, its cover has fewer exclusions that most mass market policies and includes high value items such as fine art, jewellery, Grade II listed buildings, thatched roofs, fountains, obelisks and paddocks.

Gary Robins, CEO of Hotbed, said: “This deal was particularly attractive to private investors because it gave them the chance to invest alongside a mainstream private equity house and to access a management buyout, both of which the vast majority would struggle to access alone.”