Ardonagh-owners Highbridge, Madison Dearborn make new acquisition
US private equity firms Highbridge Principal Strategies (HPS) and Madison Dearborn Partners (MDP), which have a major shareholding in brokerage group Ardonagh, have acquired UK-based fee protection insurance company PFP.
The transaction is expected to complete in the next few weeks, PFP said.
Kevin Igoe, managing director of PFP, said: “I am delighted that we have entered into this agreement and I feel this is great news for our accountancy firms and their clients.
“This will provide PFP and our clients with significant financial security and a wealth of exciting opportunity when it comes to the future development of our products and services. Culture and commitment to customer service were very important to us when finding a buyer and I’m pleased to see PFP will be joining like-minded businesses and leadership teams as part of HPS and MDP’s growing portfolio of insurance companies.”
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