Private equity firm Bowmark Capital has sold Aston Lark, an independent insurance broker, to Goldman Sachs’ Merchant Banking Division.
Aston Lark was formed from the merger of Aston Scott and Lark in September 2017 and is the UK’s fifth largest independent chartered insurance broker. It distributes insurance products on behalf of most of the major UK insurers and specialises in commercial insurance, private client insurance and employee benefit advice.
The business operates from 27 regional offices and places over £350 million of annual premiums.
Bowmark originally invested in Aston Scott in May 2015, supporting a management buy-in team led by Peter Blanc, Group CEO. Since then the business has made 13 bolt-on acquisitions in addition to the merger of Aston Scott and Lark.
Peter Blanc, CEO of Aston Lark, said: “As well as making significant investment in the business and our people, we have been successful in driving accelerated growth, by acquiring a number of high quality insurance brokers that have helped to enhance the group’s product and service offering.”
Julian Masters, Bowmark Partner, added: “Thanks to its continuous focus on innovation and excellence, and its ability to identify, acquire and successfully integrate complementary businesses, we believe Aston Lark is well-positioned to continue its strong track record of growth.”