CPP sells Home3 Assistance Limited

CPP-sells-Home3 Print news article

25/03/2014

The Corporate Group has advised CPP Group Plc on the sale of CPP Holding Limited’s 49 per cent shareholding in Home3 Assistance Limited to Mapfre Abraxas Software Limited.  Home3 provides home emergency assistance in the UK and, prior to the Sale, was a joint venture company between CPP Holdings Limited and Mapfre.

As part of its exit from the Home3 joint venture arrangement, CPP will continue to provide some limited transitional services to Home3. CPP’s exit from this joint venture arrangement is part of its ongoing strategy to reposition its business and follows on from the exit from another joint venture arrangement at the end of 2012.

Brent Escott, Chief Executive Officer of CPP, said:

“The sale of our shareholding in Home3 represents further progress in repositioning the business model to provide longer term stability for the Group.”

John Hamer led the Walker Morris team assisted by Oliver Duke. John commented:

“We are pleased to have been able to assist CPP with this disposal and look forward to supporting CPP as it continues to reposition itself going forwards”.

Craig Parsons, Chief Financial Officer of CPP, said

“The exit from this joint venture company is a positive step forwards and is part of CPP’s ongoing strategy. We appreciate once again working with Walker Morris and, from the support provided on this transaction, we can see why John was voted Yorkshire Insider Dealmaker of the Year at last year’s awards”.

Our Specialists