Irish Broker Snapped Up By UK Insurance Backer
Law360, London (January 31, 2020, 3:49 PM GMT) -- Irish broker Arachas has been sold to HPS Investment and Madison Dearborn Partners, the two private-equity backers of giant U.K. broker Ardonagh.
Sovereign Capital Partners said on Thursday that it had divested its majority stake in Arachas, one of the largest general insurance brokers in Ireland. It said the buyers were HPS and Madison Dearborn Partners, who own Ardonagh, a broker valued at £1.9 billion ($2.5 billion).
Sovereign bought Arachas in 2017 for an undisclosed amount of money and provided backing for the company to be acquired by four smaller Irish brokers.
Sovereign did not say how much it was selling Arachas...
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