A US private equity firm is poised to buy a stake in insurance giant Towergate.

Chicago-based Madison Dearborn Partners will give shareholders in the Maidstone-headquarted group a little over a month to consider its bid to take control of up to 23% of the firm.

The move is the first major overseas interest in the company since it was rescued by its bondholders last year in a restructure which wiped out the majority of its £1 billion debts.

The company’s majority shareholder HPS Investment Partners will retain its stake, with bondholder shares managed by KKR Credit Advisors and Bain Capital Credit also unaffected.

Towergate chief executive David Ross described the offer as a vote of confidence in the company’s “unique platform, strategy and future ambition”.

Mr Ross said: “At the same time, we are pleased that our core shareholders have each committed to retain their current holdings, with HPS Investment Partners in particular maintaining its current position as our majority shareholder for the foreseeable future.”

Lower level shareholders have until Monday, October 24 to consider the offer, although 10% have already approved the move.

The deal – for Towergate’s parent companies Sentry Holdings Limited and TIG Topco Limited – will offer shareholders 1p per A share in Sentry, 74p per B share in Sentry, 74p per ordinary share in Towergate and 0.000310665p per warrant issued by Sentry.

Since it was established in 1992, Madison Dearborn Partners has raised seven funds worth about $23 billion and has completed about 130 investments.

Towergate employs 4,225 people across more than 100 offices including Sevenoaks and Faversham.