Goldman Sachs to acquire UK insurance broker Aston Lark from Bowmark
Goldman Sachs acquisition of Aston Lark : Goldman Sachs through its merchant banking division, is set to acquire UK insurance broker Aston Lark from private equity firm Bowmark Capital for an undisclosed price.
As per the latest insurance acquisition news, the closing of Goldman Sachs acquisition of Aston Lark is anticipated to take place after receiving approvals from the Financial Conduct Authority and the Central Bank of Ireland, and antitrust approval.
Aston Lark, which was created through the merger of Aston Scott and Lark in 2017, is claimed to be the fifth largest independent chartered insurance broker in the UK.
The UK insurance broker engages in providing commercial insurance, private client insurance and employee benefits advice. It operates from 27 regional offices, catering to more than 100,000 customers and placing over £350 million of annual premium.
Aston Lark distributes insurance products on behalf of several top UK insurers and focuses on providing complex policies that need a high level of service.
Bowmark Capital invested originally in Aston Scott in 2015, supporting a management buy-in team headed by Group CEO, Peter Blanc. Since its investment, the team had carried out 13 bolt-on acquisitions, along with the merger of Aston Scott and Lark in 2017.
Goldman Sachs acquisition of Aston Lark
Commenting on Goldman Sachs acquisition of Aston Lark, Peter Blanc – Aston Lark CEO said: “We’re delighted to be able to announce that we’ve now exchanged contracts with Goldman Sachs. When this deal completes it will secure our independence for the foreseeable future to enable us to continue acquiring like-minded brokers and employee benefits advisors to create the UK’s most trusted Chartered Insurance Broker.
“We’re extremely proud of the business that we’ve built, and all of our management team are very excited about what the future holds. Our ambitions for the business can now be realised over the coming months and years and I’ll be talking to brokers that want to share in this journey.”
“I’d also like to express my thanks to Bowmark Capital who have been a wonderfully supportive investor over the last four years.”
Following the closing of the Goldman Sachs acquisition of Aston Lark, the senior management team of the UK insurance broker will remain intact and the company will focus on the continued growth of the business, look after its clients and guarding their interests.
Michele Titi-Cappelli – Head of Financial Services investing at Goldman Sachs Merchant Banking Division, commenting on Goldman Sachs acquisition of Aston Lark, said: “We have been impressed by what Peter Blanc and the Aston Lark team have achieved, and we are excited to be supporting the company’s growth ambitions both organically and via acquisitions.”
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