Arthur J Gallagher didn’t wait long into 2019 to get back on the acquisition trail.
The brokerage giant has today revealed it has signed a definitive agreement to acquire 100% of Stackhouse Poland Group Limited, a local UK community broker that began life back in 1974.
Seen as a large-scale specialist, the brokerage has more than 500 employees across a network of 23 offices throughout the UK. It generates more than £55 million in annualised revenues and has divisions specialising in high-net worth, healthcare, commercial, real estate and a host of other sectors. It is led by group CEO Tim Johnson.
“In Gallagher we have found the ideal ally to take the business to the next level. It is clear that the Gallagher team shares Stackhouse Poland values – putting clients first by employing and developing top class insurance professionals,” he said. “The support we have had from our investment partners at Synova has seen us grow into a significant business in the UK marketplace, and the time was right to find a long-term global partner.”
“Having begun life as a small, general practice broker, Stackhouse Poland has since grown through a well-managed blend of organic growth and targeted acquisitions, just like Gallagher,” added J. Patrick Gallagher, Jr., Chairman, President and CEO. “With its suite of specialisms and first-class reputation among clients in the UK marketplace, it will make an outstanding addition to our global team.”
Michael Rea, the CEO of the UK retail division at Gallagher, believes the deal represents a “fantastic opportunity.”
“We’ve long admired Stackhouse Poland as an ambitious, well-run insurance broker with an impressive portfolio of specialisms that are highly complementary to our own, such as private clients, real estate, marine, churches and education,” he said.
“From our earliest discussions with Tim and the team, it was clear their business, like ours, has been built around a relentless focus on client service and we look forward to creating an extraordinary business together.”
The deal remains subject to regulatory approval.