Aston Scott Limited and Lark (Group) Limited are delighted to announce that they have reached an agreement to merge (subject to regulatory approval), creating one of the UK’s top 20 independent insurance brokers and employee benefits practices.
The combined business will employ 600 staff across 18 offices and will generate revenues of over £50m per annum.
Both businesses are Chartered Insurance Brokers with long established track records of professionalism and service excellence in complementary specialisms. This merger brings two of the very best brands in insurance together to provide clients with an even broader product coverage.
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. The board and senior management will own a substantial stake in the business.
A name for the joint business will be announced in due course, to house leading brands 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.”
Aston Scott have been advised by Deloitte and Lark have been advised by Fenchurch Advisory.
Terms of the deal were not disclosed.