UK broker Aston Lark acquired by Goldman Sachs

UK insurance broker Aston Lark has been acquired by Goldman Sachs' merchant banking division.

The transaction is expected to complete following receipt of approvals from the Financial Conduct Authority (FCA) and the Central Bank of Ireland, and antitrust approval.

Aston Lark stated that there will be no change in its senior management team after the acquisition, and it will continue to serve clients in the UK and grow its business.

Peter Blanc, Group CEO of Aston Lark, said: “We’re delighted to be able to announce that we’ve now exchanged contracts with Goldman Sachs. When this deal completes it will secure our independence for the foreseeable future to enable us to continue acquiring like-minded brokers and employee benefits advisors to create the UK’s most trusted Chartered Insurance Broker.

“We’re extremely proud of the business that we’ve built, and all of our management team are very excited about what the future holds. Our ambitions for the business can now be realised over the coming months and years and I’ll be talking to brokers that want to share in this journey.

“I’d also like to express my thanks to Bowmark Capital who have been a wonderfully supportive investor over the last four years.”

Julian Masters, Bowmark partner, added: “We have greatly enjoyed working with Peter and his team to deliver on the company’s growth ambitions. Thanks to its continuous focus on innovation and excellence, and its ability to identify, acquire and successfully integrate complementary businesses, we believe Aston Lark is well-positioned to continue its strong track record of growth.”

Michele Titi-Cappelli, head of financial services investing at Goldman Sachs’ Merchant Banking Division, said: “We have been impressed by what Peter Blanc and the Aston Lark team have achieved, and we are excited to be supporting the company’s growth ambitions both organically and via acquisitions."