Clear Group, the award-winning Chartered Insurance Broker, has announced that the Private Equity business within Goldman Sachs Asset Management (“Goldman Sachs”) has agreed to acquire a stake in the business following its four-year partnership with ECI Partners, subject to regulatory approval.
Clear Group is an award-winning independent insurance broker with over 30,000 clients and handling over £330m of premiums.
It is focused on the UK corporate and SME market and has a strong expertise in niche insurance verticals including professional lines, property lines, and commercial business diversified across several sectors.
Following the investment by Goldman Sachs, Clear Group will look to continue to grow its business across the UK while providing significant investment in people, technology and innovation. Clear Group will also look to expand its reach into new markets through targeted M&A activity.
The existing management team under the leadership of Group CEO Mike Edgeley and Executive Chairman and founder Howard Lickens will continue to lead the Clear Group through the next stage of its exciting growth plans.
Since ECI’s partnership Clear Group has increased its headcount to over 600 people across 15 locations. It has also trebled its premiums, today handling over £330m GWP.
Mike Edgeley, Group CEO of Clear Group, said, “This deal signals confidence both in our business and in the long-term direction of the market sector in which we operate. It’s a real endorsement that Goldman Sachs has seen the value in our company and is keen to back us as we put the next phase of our strategy into action. I’d like to take this opportunity to thank the ECI team for the support they have given us during our partnership, trebling the size of our business.”
Howard Lickens, executive Chair of Clear Group, said, “It has been a pleasure to work with ECI during the last four years, which have been transformative for Clear Group, and we are well positioned for future growth in this new partnership with Goldman Sachs. They are an experienced investor within insurance and will allow us to continue to deliver our M&A strategy and provide more clients with the levels of service we’re known for.”
Michele Titi-Cappelli, Head of EMEA Financial Services Private Equity, and Mihir Lal, Managing Director, within Goldman Sachs Asset Management, commented, “We are excited to invest in Clear Group and partner with the Management team, led by Mike Edgeley. Clear Group has a strong reputation in the market and a track record of partnering with like-minded brokers. We look forward to leveraging our extensive track record of investing in insurance and financial services businesses, and the Goldman Sachs Value Accelerator’s operating, sector, and digital experts, to support the team in the next phase of growth, whilst maintaining Clear Group’s unique culture and value proposition.”
Paul McCreadie, Partner at ECI Partners, comments, “Clear Group is a fantastic business with a distinctive culture that makes it a standout in the commercial broker market. It’s been a pleasure working with Mike, Howard, and the whole Clear Group team during our partnership and we look forward to watching them continue their growth trajectory with their new investor. We’d like to thank them for all their hard work and wish them all the success for the future.”
Macquarie Capital served as financial adviser, and Squire Patton Boggs served as legal counsel to Clear Group and ECI Partners.