UK insurance broker Ardonagh Group, which is led by Irishman David Ross, has acquired Australian insurance group Envest for AUD482 million (€312 million).
Ardonagh, which is focused mainly on small businesses, has a number of Irish links having acquired Dublin-based insurance broker Arachas for about €250 million in 2020.
It also opened the Ardonagh Global Data and Risk Management Centre in Mullingar, Co Westmeath, last year creating 60 new jobs. Former Ireland rugby captain Rory Best also joined the group as director of development.
Headquartered in Brisbane, Queensland, Envest is an insurance investment and distribution business with a diverse portfolio of brands and national footprint. Ardonagh said the deal 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 about AUD405 million in gross written premium.
The combined portfolio has over 550 employees and recorded revenue of AUD76.7 million for the financial year ended June 30th, 2021.
Envest will be acquired by Ardonagh Australia, which will trade locally under the Envest name and be led by current managing director Greg Mullins. Envest will operate as part of Ardonagh Global Partners, which is led by CEO Des O’Connor, who is also an Irishman.
“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,” said Mr O’Connor.
“It provides a proven platform to accelerate our growth ambitions in the region. 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.”
