International insurance intermediary Hyperion has a new shareholder, with US private equity group General Atlantic (GA) acquiring more than 30%.

GA has taken the 19.1% stake of private equity group 3i and 80% of start-up investor BP Marsh’s 13.8% holding.

The deal values Hyperion – which includes London wholesale broker Howden and global managing general agency Dual – at £250 million ($361.22 million).

Hyperion management and employees, who own more than 60%, are not selling shares in the transaction.

CEO David Howden says GA’s investment – which is expected to stay in place for five to 10 years – “represents a major step in Hyperion’s growth story” as it moves towards an initial public offering.

“GA will provide long-term stability to our investor base and, with both private and listed companies in its portfolio, will bring important experience… as we prepare to go public,” he said.  

“They are long-term, collaborative, large minority investors, and have an outlook and ethos that match ours and our ambitions very well.”

Hyperion’s “unique distribution model makes it both balanced and extremely scalable, and GA is well positioned to help the group achieve its long-term growth ambitions”, Mr Bernstein says.

BP Marsh’s decision to sell down its stake to 2.76% for £29.2 million ($42.19 million) is in line with its strategy of investing in start-ups. Chairman Brian Marsh will retain his position on the Hyperion board.