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European law firm Fieldfisher has advised longstanding client Texel Group on its transition to an Employee Ownership Trust (EOT), marking a significant milestone in the Group’s evolution.
The transaction represents a landmark moment for Texel and its employees. Fieldfisher played a pivotal role in structuring the deal, which enabled founder, Andy Lennard, and all other shareholders to sell their shares to an EOT, securing the Group’s long-term independence and employee-led future.
Texel is a specialist credit and political risk insurance broker, that creates innovative, bespoke insurance solutions for financial institutions, corporations, multilateral development banks and commodity traders.
The Fieldfisher team was led by Partner Mark Gearing and Senior Associate Jessica Kilkelly, with support from Partner Neil Palmer, Director Jennifer Martin and Solicitor Habibah Alao. UK regulatory advice was delivered by Partner Simon Lafferty and Senior Associate Sam Clyndes, while Senior Associate Michelle Wu advised on real estate matters. Corporate tax advice was provided by Partner Andrew Prowse and Director John Tolman.
The transaction was notable not only for its scale but also for its complexity. It required change of control approvals from the Financial Conduct Authority and the Monetary Authority of Singapore, and involved employees across all the Texel offices, including London, New York, Los Angeles, Brussels and Singapore.
The founder was advised by Mishcon de Reya, Pacific Tax Counsel provided US tax advice, while Incisive Law LLC advised on regulatory matters in Singapore. Valuation input was provided by Grant Thornton UK. JTC Trustees in Jersey were also involved in the transaction.
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Subscribe nowPartner Mark Gearing commented:
“We are delighted to have supported Texel on this landmark transaction. The move to employee ownership via an EOT reflects a forward-thinking approach to succession planning and long-term value creation by Andy Lennard and the entire management team at Texel. A genuine pathfinder in the specialist insurance broking sector that I hope other firms will follow. It’s a great example of how the Fieldfisher Employee Ownership Solutions team brings together deep expertise across disciplines to deliver seamless, strategic advice on complex transactions. I wish the entire Texel family continued success.”
Andy Lennard, Chairman and CEO at Texel added:
“Transitioning to employee ownership via an EOT model aligned with everything we stand for at Texel, and Fieldfisher’s guidance was instrumental throughout the process. At a time when many businesses in our sector are being acquired by private equity, this move ensures that Texel remains independent, preserving our culture and values, and allowing us to continue the extraordinary work of the Texel Foundation. We’re proud to be securing the future of this business for our employees, insurers and clients alike.”
This deal underscores Fieldfisher’s strength in advising on innovative EOT structures and its commitment to supporting clients through complex transactions often in highly regulated sectors.
