Private equity firm Synova Capital has sold specialist UK insurance broker Stackhouse Poland to Gallagher, a global insurance brokerage and risk management firm.
The transaction will generate a return of 5.6x invested capital and an IRR of 52% to Synova.
Synova invested in the business in 2014 alongside its newly appointed CEO Tim Johnson. Since then Stackhouse Poland has increased its revenues threefold to £55 million through a mix of organic growth and targeted acquisitions.
The number of employees has risen from 160 to more than 500 and the business now operates from 23 offices across the UK.
David Menton, a Managing Partner of Synova and Non-Executive Director of Stackhouse Poland, said: “Stackhouse Poland represents another highly successful partnership for Synova. Together, over the past four years, we have recruited a high quality team, rolled out scalable IT solutions across the platform, integrated acquisitions effectively, and delivered exceptional growth.”
Tim Johnson, CEO of Stackhouse Poland, added: “I have enjoyed every minute of my four year journey with Synova; their knowledge of our industry, their understanding of the important building blocks of growth, and the discipline that comes from having a focused private equity partner has been invaluable. Most importantly, we have learnt from each other along the way.”