SO Legal advises Topsail Insurance on acquisition of Y Yacht

Brighton-based Topsail Insurance was established in 1996 as a general commercial broker, before a complete restructuring of the company in 2007 led to the consolidation of the business and a specialisation in marine vessels in the UK, Europe and worldwide.

The company’s successful purchase of Plymouth-based Y Yacht Insurance and Y Yacht Assurances France represents its first acquisition and complements its existing business activities.

SO Legal’s corporate and commercial team assisted Topsail Insurance in the acquisition of the assets, goodwill and insurance portfolio of Y Yacht. The transaction involved complex regulatory, GDPR and corporate advice as well as due diligence and employment aspects for both parties.

Hamed Ovaisi, head of corporate legal services was assisted by his team, Mark Rowan, Daniel Halls and employment specialist Jessie Hansford in getting the deal done to a tight timescale and the client’s needs.

Congratulating Topsail on the acquisition, Hamed commented:

“We’re delighted to have assisted Chris and his team at Topsail on this acquisition. Chris needed assistance in the asset purchase process and of course ensuring there weren’t any nasty surprises through the due diligence process. Our corporate team here has lots of good quality experience in assisting in these types of transactions to very tight timescales. An added complexity was a French element to the acquisition which we assisted with in close cooperation with our French legal partners.”

Chris McGowan, Managing Director at Topsail Insurance, commented:

“I would like to personally thanks the SO Legal team for their assistance with this acquisition. Getting this deal over the line in such a short period of time without compromising things was critical and SO guided us with exemplary expertise.

“This is Topsail’s first acquisition, and the Y Yacht account hugely complements our business. As part of this deal, I am also pleased to welcome two established members of the Y Yacht team, Claire Froggatt and Helen Webster, who have joined the Topsail team.

“This is a very exciting time of growth for our company. Our main aspirations are to secure a larger market share in the marine insurance sector, diversify our account and, fundamentally, not lose sight of our core customer service values which have got us to where we are today.”

For more information on Topsail Insurance, visit topsailinsurance.com.

If you are considering selling your business or expanding it through a merger or acquisition, our specialist commercial team can advise you. Our solicitors have years of experience of providing advice on a variety of M&A transactions.