The Ardonagh Group had announced its acquisition of ASSEPRO, an independent commercial broker for small and medium-sized enterprises based in Switzerland.
“ASSEPRO is an ambitious business with its sights firmly set on achieving high levels of growth while continuing to deliver an excellent service to clients,” said Conor Brennan, executive chairman of Ardonagh’s international platform.
“ASSEPRO’s local knowledge and networks will be invaluable to our business as we continue to foster strategic partnerships that bolster our global presence.”
ASSEPRO has 300 employees that work across 24 locations and has significantly grown in recent years because of both organic growth and targeted M&A. It has acquired and integrated over 20 businesses as it continues its expansion in Europe.
“When choosing where to continue our growth journey it was crucial that we joined forces with a group that shares our values and ambitions. Ardonagh stood out as a business that is completely aligned with our culture and is renowned for its commitment to empowering partners,” said Jon Samuel Plotke, ASSEPRO’s CEO.
The acquisition will further build on Ardonagh’s presence in Europe as it has operations in Ireland, Portugal, the Netherlands, Greece, Italy, Spain, France, and Cyprus which will strengthen its position within the global insurance broking market.
“The combination of ASSEPRO’s proven track record of M&A excellence combined with Ardonagh’s vision and cutting-edge solutions will unlock many new opportunities to drive value for clients across Europe,” said Brennan.
David Ross, Ardonagh Group’s CEO, expressed the importance of the firm’s acquisition.
“The addition of ASSEPRO cements our foothold in Europe, creating the foundation of a further platform in multiple regions key to our growth plans. This deal marks a significant milestone in our value creation story, adding quality earnings to our portfolio and a committed leadership team who become significant shareholders in Ardonagh,” he said.
“We are delighted to be a chosen home for this sophisticated and reputable company, and we extend a warm welcome to our new colleagues,” he added.
With the acquisition, Plotke will continue to lead ASSEPRO and will be supported by his current management team.
“We are excited to begin our work together as we grow our local presence and expand further afield, while continuing to deliver excellence and value for our clients,” said the ASSEPRO CEO.
The funding for the acquisition will come from a combination of cash from Ardonagh’s resources and equity which will be issued at an enterprise value in excess of $10.5 billion.
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