Financial services group IFG has acquired a 70 per cent stake in AR Brassington (ARB), an insurance-broking business.

IFG said the acquisition was made by means of an investment in shares and a capital contribution totalling €500,000. In return, IFG will get equity dividend and voting rights for 70 per cent of the acquired business.

It will also be entitled to proceeds on a future disposal of the ARB business rising to 70 per cent over five years.

ARB founder Cathal O’Brien will remain with the company under a five-year agreement. In the year to September 30th, 2010, ARB recorded revenues of close to €3 million and a pretax profit on ordinary activities of just under €480,000.