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Ackman is targeting high-teens RoE at Vantage via underwriting gains and equity investing. -
The Carlyle and Hellman & Friedman vehicle will sell for 1.5x book value.
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Sources said the auction launched after Thanksgiving with Relation marketed off adjusted Ebitda of around $130mn.
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Onex CEO Bobby Le Blanc will retire from Ryan Specialty’s board of directors.
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The PE firm held 3.1% of the company’s shares, but will now hold none.
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Sources said that the New York-based InsurTech retained Evercore to advise on the process.
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The transaction is Davies’ largest strategic M&A addition to date.
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Sources said that the platform drafted in Ardea Partners to advise on the recap.
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Insight into the state of the insurance M&A market, powered by Insurance Insider US’s comprehensive deal database.
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Sources said that Piper Sandler is advising the Dallas-based program manager on the process.
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The executive is charged with defrauding investors out of nearly $500mn.
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Earlier this year, Insurance Insider US revealed that the PE firm was looking to extend its investment.
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