Ardonagh swoops for three insurance brokers

The insurance brokerage created out of the wreckage of Towergate has bought three businesses and has executed a refinancing that values the company at £1.6 billion.

Ardonagh, whose brands include Swinton, Carole Nash and Autonet, has also raised £300 million for further acquisitions.

The privately owned company is buying Arachas, an Irish brokerage, and Bravo, owner of Broker Network and Ethos, for a combined value of over £500 million, and has signed a deal to acquire Bennetts, the motorcycle broker.

Towergate grew to be one of the UK’s biggest private companies but was brought to the brink of collapse under a debt mountain after an acquisition spree. It underwent a debt for equity swap in 2015 with its bondholders. Peter Cullum, Towergate’s founder,

Publisher – www.thetimes.co.uk

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