Ropes & Gray Advises Bain Capital on Sale, Reinvestment and U.S. Aspects in Relation to Ambac's Majority Stake Investment in Beat

In The News
June 7, 2024

Ropes & Gray – working alongside Reynolds Porter Chamberlain (“RPC”) – has advised Bain Capital in relation to the sale of a stake in Beat Capital Partners (“Beat”) to Ambac Financial Group (“Ambac”). RPC acted as lead legal adviser for the majority shareholders of Beat.

As part of the deal, Ambac, an insurance holding company, has signed a definitive agreement to acquire a 60% controlling stake in Beat, a London-based insurance underwriting and managing general agency (MGA) incubation platform, for approximately $282 million, up to $40 million of which will be paid in shares of Ambac common stock. The remainder will be paid in cash and is subject to closing adjustments. The transaction is expected to close in the third quarter of 2024, subject to regulatory approvals. The transaction will be financed from available cash and committed financing. Ambac will purchase 60% of Beat from existing shareholders, including Bain Capital and Beat’s management team. Beat’s management team and Bain Capital each will retain an equity stake of approximately 20% in Beat.

The Ropes & Gray team, which provided general transaction advice to Bain and advised the majority shareholders on U.S. aspects of the deal, included private equity transactions partner John Newton and associates Craig Jourdan and Sam Wolfe-Murray. Other members of the team included partners Scott Rolnik and Tom Fraser, counsel Alison McLaughlin and associate Lisa Folkerth.