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Freshfields advises Cinven on sale of Premium Credit to TowerBrook Capital Partners

Freshfields Bruckhaus Deringer (‘Freshfields’) is advising international private equity firm Cinven, on its agreement to sell Premium Credit, an industry leading provider of instalment finance solutions, to private equity firm TowerBrook Capital Partners. Financial details of the transaction are not disclosed.

Premium Credit is a leading provider of premium finance for commercial and retail insurance products, as well as other specialist lending solutions. It provides financing for the payment of insurance premiums, school fees, tax financing, membership fees and season tickets to retail and small- and medium-sized enterprise (‘SME’) and larger corporate customers. The Company’s best-in-class IT platform enables businesses and individuals to spread the cost of insurance premiums and other repeat payments over time. Headquartered in the UK with approximately 400 employees, Premium Credit operates through a network of more than 3,000 partners to serve more than 2.1 million customers. Completion of the transaction is expected in the second half of 2022 and is subject to customary regulatory and antitrust approvals.

Freshfields also advised Cinven on its acquisition of Premium Credit in 2015.

The Freshfields team is being led by private equity partner Victoria Sigeti, alongside senior associate Angus Scott. Specialist advice has been led by partners May Smith (Tax), Martin McElwee (antitrust), Aled Batey (leveraged finance) and Marcus Mackenzie (structured finance).

This latest transaction carries on Freshfields’ long-standing and successful relationship with Cinven. This transaction marks the second transaction of 2022 on which Freshfields has advised Cinven, having recently advised Cinven on its acquisition of life insurer International Financial Group Limited. Freshfields also advised Cinven on a number of transactions in 2021 including, among others, its investment in Ufinet International, its acquisition of a majority stake in Arcaplanet and Maxi Zoo Italia, its disposal of Chryso and on the debt financing for its successful bid, alongside Bain Capital, for Arxada (formerly named Lonza Specialty Ingredients).