Ardonagh Group to Buy Australian Insurance Investment, Distribution Firm Envest
The Ardonagh Group, the London-based independent insurance distribution platform, announced it has agreed to acquire Envest Pty Ltd., an Australian insurance investment and distribution business.
Headquartered in Brisbane, Queensland, Envest operates with a diverse portfolio of brands and a national footprint.
Under the terms of the agreement, Ardonagh intends to acquire Envest for a consideration of A$482 million (US$319.6 million) which will be funded with a combination of equity and debt.
The businesses being acquired as part of Envest include Aviso Group, a network of broking offices across five states managing circa A$405 million in gross written premium, and 10 established MGAs operating both direct to consumer and intermediated.
The combined portfolio has over 550 employees and recorded revenue of A$76.7 million (US$50.9 million) for the financial year ended 30 June 2021.
Envest will be acquired by Ardonagh Australia Pty Ltd., which will trade locally under the Envest name and be led by current Managing Director Greg Mullins when the deal is completed.
Envest will operate as part of Ardonagh Global Partners, which is led by CEO Des O’Connor.
Ardonagh Global Partners’ other Australian assets, Resilium Insurance Broking and Epsilon Underwriting, will operate as normal and continue to be led by their existing management teams.
Adrian Kitchin, chief executive officer at Ethos Broking Australia, and executive director of Resilium and Ardonagh Australia, will become part of the executive team within Envest. Paul Lynam will continue in his role as chairman of Ardonagh Australia.
“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,” commented Ardonagh Global Partners’ CEO O’Connor.
“It provides a proven platform to accelerate our growth ambitions in the region,” he added.
About Ardonagh and Envest
The Ardonagh Group is the UK’s largest independent insurance distribution platform and a top 20 broker globally, which operates a collection of and specialist brands, with a network of more than 150 locations and a combined workforce of more than 9,000 people. Established in 2021, Ardonagh Global Partners (AGP) is part of The Ardonagh Group’s growing International platform and invests in leading platforms operating in attractive markets and product verticals outside of the UK and Europe.
Envest is an independent and privately owned, insurance investment and distribution business with interests in brokers, agencies and insurtechs. With a diversified portfolio of financial services businesses, Envest has a growing network of national offices (in Australia) and a combined workforce of over 550 employees. Its investments are focused on three key pillars: general insurance brokers, underwriting agencies (MGAs) and various insurance related businesses.