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TowerBrook Capital Partners has agreed to acquire a Surrey-based premium finance provider for commercial and retail insurance products.

Premium Credit – purchased from Cinven – has grown steadily through the development of its technology platform and expansion into new product areas.

The transaction is expected to close in the second half of 2022 and is subject to customary regulatory and antitrust approvals. Financial terms were not disclosed.

Joseph Knoll, Managing Director of TowerBrook, said: “We are very pleased to have agreed to acquire Premium Credit, a high quality business with strong prospects for continued growth.

“We have been extremely impressed with the company’s technology platform, best-in-class management team and successful diversification into new product areas, and believe TowerBrook is well placed to support Premium Credit in its next chapter of growth and success.”

Tara Waite, Managing Director of Premium Credit, added: “After a successful period under Cinven’s leadership, we are delighted to have the opportunity to partner with TowerBrook in the years to come.

“TowerBrook has an impressive history of investing in financial services companies, is a leader in responsible ownership, and has a dual capability as an investment team and internal portfolio group to help us create value.

“It is clear from our discussions over the past few months that they will bring significant expertise to help Premium Credit grow stronger. We look forward to working closely with them to realize our shared ambitions for the business.”