Aston Scott and Lark Group Merger
Aston Scott and Lark Group have reached an agreement to merge
The combined business will employ 600 staff across 18 offices and is set to generate revenues of over £50million per annum, creating one of the UK’s top 20 independent insurance brokers and employee benefits practices.
A new company is being established to acquire the entire share capital of both Lark Group and Aston Scott and the mid-market private equity firm, Bowmark Capital, will be the majority shareholder. The board of the new company will include senior management from both Aston Scott and Lark Group, including Aston Scott CEO Peter Blanc and Lark Group MD Stephen Lark.
A new name for the joint business will be announced in due course, which will house a number of leading brands in their own right including musical instrument and orchestra specialist Lark Music, motor trade specialist Road Runner, film and media scheme Performance, boat specialist Euromarine and building renovation and conversion business RenovationPlan.
Peter Blanc, Group CEO of Aston Scott said: “Joining forces with Lark will create an incredibly strong presence in the UK market. Both management teams share a passion for the service excellence, professionalism and integrity that our markets demand.”
Stephen Lark, Group MD of Lark Group, said: “There are so many opportunities in commercial insurance broking, private client broking and employee benefits that can be increased with scale and merging with Aston Scott creates a compelling opportunity.”
Bowmark Capital partner David Torbet commented: “Bringing together Lark and Aston Scott is a truly transformational deal which will create one of the largest independent broking groups in the UK. We are delighted to be working in partnership with the combined management team to deliver the next stage of growth as the market continues to consolidate.”
Richard Hall led the CloudOrigin team to provide Technology and Operational Due Diligence for the combined technology platforms of the new business, commenting “Huge pleasure to once again work with Bowmark Capital and the technology teams at Aston Scott and Lark Group making the most of our long track record working with the insurance broking and technology sector”.
For further information on the merger [ Click Here ].