Walter Baden advises on sale of MB Prestige
Walter Baden congratulates the owners of MB Prestige Holdings Pty Ltd (MB), an independent prestige motor vehicle underwriting agency, on the sale of their interest in that company to ATC Insurance Solutions Pty Ltd. In addition to providing an opportunity for UK private equity investor B.P. Marsh & Partners Plc to consolidate its interests in both entities and for some of MB’s longstanding management shareholders to exit, the transaction creates one of Australia’s largest independent underwriting agencies. MB’s Managing Director, Daniel McNamara, continues in his role post-merger.
ATC agreed to acquire MB for $17 million, with consideration being paid in a combination of cash and equity.
The Walter Baden team, led by Steven Humphries, advised MB owners on all aspects of the sale.