Kudu raises $114M from MassMutual and White Mountains; WTM ownership drops to 89%

WHITE MOUNTAINS INSURANCE GROUP LTD

MassMutual invests $64M, WM Regent (White Mountains) invests $50M at ~1.3x Dec 2021 equity.
White Mountains' ownership in Kudu decreases from 99% to 89% post-transaction.
Kudu-affiliated managers have $65B AUM; Kudu completed 4 transactions in past 12 months.
Kudu has raised >$800M equity/debt since inception; MassMutual provided $350M credit facility in 2021.
Transaction values Kudu go-forward portfolio at 1.3x Dec 2021 equity, excluding $54M from two exited cos.

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