American investment banker Goldman Sachs has acquired a majority stake in UK-based insurance brokerage firm Aston Lark from Bowmark Capital.
The companies did not reveal the deal value but local media reports suggest that the transaction could worth approximately £320m.
Bowmark Capital, the original private equity firm behind the 2015 management buyout, remains an investor in the business which was established in 2017 following combination of Aston Scott and Lark Group.
Commenting on the deal, Aston Lark CEO Peter Blanc said: “We’re thrilled to have completed this investment which will help us to continue our independent growth journey over the coming years.
“It’s also a great vote of confidence in our team to have Bowmark Capital reinvesting alongside Goldman Sachs. We remain very keen to talk to like-minded brokers seeking an independent future with a broker that truly cares about its clients and staff.
“Our ambition for the business is very exciting and I’d just like to express my sincere thanks to all of our fantastic staff who make everything happen”
Michele Titi-Cappelli, head of financial services investing in Europe at Goldman Sachs’ merchant banking division, said: “We’re delighted to have completed our investment in Aston Lark and we’re ambitious to help the team create a leading independent broking group.”
Aston Lark serves more than 100,000 clients across the UK.