The Ardonagh Group (Ardonagh), the UK's largest independent insurance distribution platform, has agreed to acquire Envest Pty Ltd (Envest).
Headquartered in Brisbane, Queensland, Envest is an independent and privately owned insurance investment and distribution business focusing on brokers, agencies, and insurtechs. It has a diverse portfolio of financial services businesses, a network of national offices, and a workforce of more than 550 employees.
As part of the agreement, Ardonagh will acquire Envest for AU$482 million (£270 million), funded with a combination of equity and debt. The deal also includes the acquisition of Envest's Aviso Group, a network of broking offices across five states managing around AU$405 million in gross written premiums (GWP), and 10 established MGAs operating directly to consumers and intermediated.
Meanwhile, Ardonagh Global Partners' other Australian assets, Resilium Insurance Broking and Epsilon Underwriting, will operate as usual and continue to be led by their existing management teams.
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The deal will see Paul Lynam retain his role as chairman of Ardonagh Australia. Meanwhile, Adrian Kitchin, CEO of Ethos Broking Australia and executive director of Resilium and Ardonagh Australia, will join Envest's executive team.
Kitchin commented: “I look forward to joining forces with the team at Envest and executing our shared plan of growth through professionalism, service, and innovation. We will continue to leverage our experience and connections as we embark on this exciting new journey together.”
Envest will trade locally under the same name, with current managing director Greg Mullins leading the team upon completing the transaction. However, the insurance firm will operate as part of Ardonagh Global Partners, led by CEO Des O'Connor.
“This is a hugely complementary acquisition, aligning neatly with our group's footprint both globally and in the Australian market, which has grown substantially since our maiden investment in Resilium in February 2021. It provides a proven platform to accelerate our growth ambitions in the region,” O'Connor said.
“Greg leads a highly experienced management team with deep expertise in the market, and together, they have grown a strong people-focused culture over the past six years. We look forward to rallying the scale and experience of the wider Ardonagh Group behind them as they continue to invest in and empower the best and brightest entrepreneurial talent in the Australian market.”
Mullins added: “In Ardonagh, we have found a strategic partner supportive of our ambitions, with a shared vision to empower independent broking and underwriting businesses to grow by delivering innovative solutions and the highest levels of service. In addition, the broader management team rolls forward as meaningful shareholders in the Australian business, maintaining strong alignment with our global parent.”
