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Kingsway is a Canada-based automobile insurer, while Zephyr Acquisition is an acquisition vehicle formed by an investor group comprising Ocean Harbor Holding, Inc. and MP Holdings, LLC.
Announcement (September 9, 2009):
Kingsway has entered into a definitive agreement to sell Zephyr Insurance to Zephyr Acquisition.
Kingsway will receive an initial payment of $31.5 million and a contingent, deferred earn-out amount.
Piper Jaffray & Co. is acting as financial advisor, and Cassels Brock & Blackwell LLP is acting as legal advisor to Kingsway. de Jonge LLC and FL Advisors, LLC are acting as financial advisors and Jacobs, George Matlock, and Sullivan Worchester LLP are providing legal counsel to Zephyr Acquisition.
The transaction is expected to be completed during the fourth quarter of 2009.
Deal Value (US$ Million) 31.5 Deal Type Acquisition Sub-Category Majority Acquisition Deal Status Completed: 2009-10-30
Deal Participants
Target (Company) Zephyr Insurance Company, Inc. Acquirer (Company) Zephyr Acquisition Company Vendor (Company) Kingsway Financial Services, Inc.
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