22nd May 2019
Investment funds managed by Madison Dearborn Partners(MDP) and HPS Investment Partners(HPS) have agreed to acquire shares in The Ardonagh Group for a total consideration of £92m(of which £82m) from MDP and £10m from HPS) from certain existing institutional investors and other minority shareholders.
Vahe Dombalagian, managing director and co-head of the MDP Financial & Transaction Services team, comments “Alongside HPS, we are pleased to affirm our commitment to the Ardonagh platform, and we are excited about the strong trajectory of the business as it keeps strengthening its position as a leading independent insurance broking platform in the UK. Ardonagh remains a unique investment opportunity, given its talented management team and diversified portfolio of brands and leading positions in niche markets across a broad spectrum of insurance sectors.”
David Ross, ceo of The Ardonagh Group, added “We continue to enjoy a truly collaborative relationship with both MDP and HPS. Today’s announcement is a further example of the long term commitment to Ardonagh from shareholders who have a deep understanding of the markets in which we operate.”
Ardonagh Trends(11 articles)