Abu Dhabi’s Luxinva Buys 30% Stake in D&G Warranty Insurer

The latest news from D&G, one of the big names in domestic appliance repair & servicing plans in the UK market.

Domestic & General (“D&G”), the leading appliance care specialist, is pleased to announce that its majority shareholder CVC Capital Partners (“CVC”) has reached an agreement with Luxinva S.A., an entity ultimately wholly-owned by the Abu Dhabi Investment Authority (“ADIA”), for ADIA to acquire a circa 30% stake in D&G. CVC will continue as D&G’s majority shareholder via CVC Capital Partners Fund VII. The acquisition is expected to close by the end of 2019, subject to customary regulatory clearances.

D&G’s appliance care plans protect individuals and families against the unexpected costs of appliance repairs and replacements. With a presence in 11 countries across Europe and Australia, D&G protects approximately 23 million appliances for approximately 16 million customers. It has a leading position in the UK market and is present in 1 in 3 households. 

Since CVC’s investment in 2013, D&G has grown annual revenues from £633m to £811m, expanded its operations across Europe, and is currently exploring further international opportunities. D&G has also invested significantly in enhancing its customer service, technology infrastructure and digital capabilities to support continued delivery of its ambitious growth plans.

David Tyler, Chairman of D&G said: “We are delighted to welcome a significant new investor to D&G. ADIA brings a wealth of investment experience from around the globe and has a strong reputation for supporting the growth of high quality companies such as D&G. With ADIA’s investment alongside CVC’s ongoing commitment, we will have a new ownership structure underpinned by two stable and well-resourced global investors. It is a strong platform enabling us to focus on our growth plans in the UK and internationally. All of us at D&G look forward to working with them.”

About alastair walker 9347 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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