Bowmark Capital has reinvested in Aston Lark, the leading independent insurance broker, which has been acquired by Goldman Sachs’ Merchant Banking Division.
Aston Lark, which was formed from the merger of Aston Scott and Lark in September 2017, is the UK’s fifth largest independent chartered insurance broker. It specialises in commercial insurance, private client insurance and employee benefit advice, and operates from 27 regional offices, serving over 100,000 customers and placing in excess of £350 million of annual premium. The company distributes insurance products on behalf of most of the leading UK insurers, and focuses on the provision of complex policies requiring a high level of service.
Bowmark originally invested in Aston Scott in May 2015, supporting a management buy-in team led by group chief executive, Peter Blanc. Since Bowmark’s investment, the team has successfully completed a total of 13 bolt-on acquisitions, as well as the transformational merger of Aston Scott and Lark in 2017. Whilst pursuing this expansion strategy, the company has continued to deliver the highest standard of service for its clients, which has been recognised by a number of industry awards.
David Torbet, Bowmark partner, said: “Over the past four years, we have worked closely with the Aston Lark team to create a highly scalable business with the right people, systems and processes to consolidate the fragmented insurance broking market. The combination of the company’s strong track record of growth, and an exceptional acquisition pipeline, gives us great confidence in Aston Lark’s future. We look forward to working with Goldman Sachs and the management team to support the next phase of growth.”
Peter Blanc, Aston Lark’s group chief executive, commented: “Bowmark has been an excellent partner for the business and we are delighted to be continuing our journey with them. With Goldman Sachs, we believe we have two value-adding institutional investors with the expertise and capital to support us in our ambition to become the UK’s leading independent insurance broker.”
Michele Titi-Cappelli, Head of Financial Services Investing in Europe at Goldman Sachs’ Merchant Banking Division, said: “We are excited to be supporting the company’s growth ambitions and welcome Bowmark’s reinvestment as a sign of confidence in the business’s growth potential.”Back to News