UK insurance broker Aston Lark has been acquired by the Merchant Banking division of Goldman Sachs.
Aston Lark has stated that the deal – expected to close following receipt of approvals from the Financial Conduct Authority and the Central Bank of Ireland, and antitrust approval – will not signal change in its senior management team.
“We’re delighted to be able to announce that we’ve now exchanged contracts with Goldman Sachs,” said Aston Lark Chief Executive Officer, Peter Blanc.
Blanc added that the acquisition will secure the company’s independence for the foreseeable future and enable them to continue acquiring like-minded brokers and employee benefits advisers.
“I’d also like to express my thanks to Bowmark Capital who have been a wonderfully supportive investor over the last four years.”
Julian Masters, Bowmark partner, said, “We have greatly enjoyed working with Peter and his team to deliver on the company’s growth ambitions.”
“Thanks to its continuous focus on innovation and excellence, and its ability to identify, acquire and successfully integrate complementary businesses, we believe Aston Lark is well-positioned to continue its strong track record of growth.”
Michele Titi-Cappelli, Head of Financial Services investing at Goldman Sachs’ Merchant Banking Division, commented, “We have been impressed by what Peter Blanc and the Aston Lark team have achieved, and we are excited to be supporting the company’s growth ambitions both organically and via acquisitions.”
