Clear Group has revealed that the asset management arm of multinational investment bank Goldman Sachs has invested in the broker.
Specifically, the private equity business within Goldman Sachs Asset Management has agreed to acquire a stake in Clear Group following the latter’s four-year partnership with ECI Partners, subject to regulatory approval.
According to Clear Group, it will look to continue to grow its business across the UK following Goldman Sachs’ investment, “while providing significant investment in people, technology, and innovation.” Clear Group also said that it would look to expand into new markets through M&A activity.
“We are excited to invest in Clear Group and partner with the management team, led by Mike Edgeley (CEO). Clear Group has a strong reputation in the market and a track record of partnering with like-minded brokers,” said Goldman Sachs Asset Management head of EMEA financial services private equity Michele Titi-Cappelli and managing director Mihir Lal in a joint statement.
Edgeley and executive chairman and founder Howard Lickens, as well as the existing management team, will continue to lead the company following the investment.
“This deal signals confidence both in our business and in the long-term direction of the market sector in which we operate. It’s a real endorsement that Goldman Sachs has seen the value in our company and is keen to back us as we put the next phase of our strategy into action,” said Edgeley. “I’d like to take this opportunity to thank the ECI team for the support they have given us during our partnership, trebling the size of our business.”
A release noted that since its partnership with ECI, Clear Group has grown to more than 600 employees across 15 locations, and it currently handles more than £330 million GWP.
“It has been a pleasure to work with ECI during the last four years, which have been transformative for Clear Group, and we are well positioned for future growth in this new partnership with Goldman Sachs. They are an experienced investor within insurance and will allow us to continue to deliver our M&A strategy and provide more clients with the levels of service we’re known for,” added Lickens.
