July 19, 2019
Domestic & General (D&G), the leading appliance care specialist, has announced that certain funds (CVC Funds) advised by CVC Capital Partners (CVC) have reached an agreement with Luxinva S.A., an entity ultimately wholly-owned by the Abu Dhabi Investment Authority (ADIA), for ADIA to acquire a circa 30% stake in D&G. CVC Funds will continue as D&G's majority shareholder via CVC Fund VII. The acquisition is expected to close by the end of 2019, subject to customary merger control and regulatory clearances.
D&G's appliance care plans protect individuals and families against the unexpected costs of appliance repairs and replacements. With a presence in 11 countries across Europe and Australia, D&G protects approximately 23 million appliances for approximately 16 million customers. It has a leading position in the UK and is present in 1 in 3 households.
Latham & Watkins represented CVC Capital Partners and Domestic & General in the transaction, with a team led by London corporate partners Kem Ihenacho and Linzi Thomas and with financing led by London partners Jay Sadanandan and Francesco Lione.