Ardonagh Group has announced its intention to acquire motorcycle insurance company Carole Nash Insurance Consultants.
Ardonagh exchanged contracts in relation to the purchase.
Upon completion of the acquisition, Ardonagh plans to integrate Carole Nash with Autonet, within the company’s distribution segment.
Carole Nash is considered to be a significant player in motorcycle insurance broker in the UK. Last year, the company earned up to £29m.
Headquartered in Altrincham, South Manchester, Carole Nash has a workforce of 400 people and a 30 more placed in Dublin, Ireland.
The company was founded in 1985 and has even since has been based in South Manchester.
The Ardonagh Group CEO David Ross said: “Carole Nash is a pre-eminent brand and market leader, a hugely successful business and therefore an ideal addition to the Group as part of our carefully targeted acquisition strategy.
“We have admired the business for a long time and are really happy to be welcoming them into the fold as another important addition to The Ardonagh Group family.”
Ardonagh estimates that after the transaction will be completed, its earnings before interest, taxes, depreciation and amortization (EBITDA) for the first half of 2017 will be £147.4m. This takes into account the EBITDA of Carole Nash, Mastercover and other cost synergies.
Carole Nash CEO David Newman, said: “As a management team, our plans to keep building our brand and market share mean we have been looking for a home where we can build on the reputation we have fostered over many years, ensuring longevity of our much-admired service and expertise.
“We have longstanding relationships with the Ardonagh management team and we are genuinely excited by the momentum that is so clear to see across the Group. Their understanding of the Company we have built, the strong relationships we enjoy with our insurance partners and of our loyal client base give us the springboard we need to keep getting better and better.”
Image: Ardonagh to acquire Carole Nash for undisclosed amount. Photo: Courtesy of Chaiwat/FreeDigitalPhotos.net