Goldman Sachs has acquired a majority stake in UK-based insurance brokerage firm Aston Lark from Bowmark Capital after a deal believed to be in the region of £320m.
Bowmark Capital, the original private equity firm behind the 2015 management buyout, remains an investor in the business which was established in 2017 following combination of Aston Scott and Lark Group.
Peter Blanc, Aston Lark CEO, said: "We're thrilled to have completed this investment which will help us to continue our independent growth journey over the coming years. It's also a great vote of confidence in our team to have Bowmark Capital reinvesting alongside Goldman Sachs.
We remain very keen to talk to like-minded brokers seeking an independent future with a broker that truly cares about its clients and staff"
"We remain very keen to talk to like-minded brokers seeking an independent future with a broker that truly cares about its clients and staff. Our ambition for the business is very exciting and I'd just like to express my sincere thanks to all of our fantastic staff who make everything happen."
As for Goldman Sachs' plans for the London-headquartered brokerage, Michele Titi-Cappelli, head of financial services investing in Europe at Goldman Sachs' merchant banking division, said they are "ambitious to help the team create a leading independent broking group."
Since becoming Aston Lark the business has made a number of acquisitions and recently bought Birmingham-headquartered Jobson James Insurance Brokers and Poole-based Highworth Insurance. It also moved the business into Ireland with the purchase of Dublin-based broker Robertson Low.
The business is UK's fifth largest independent chartered insurance broker, operating from 27 regional offices, serving more than 100,000 customers.