Aston Scott Group poised for accelerated growth15 May, 2015
Aston Scott Group (ASG), one of the UK’s largest independent Risk Management and Insurance broking groups is set for further growth following a private equity supported buy out. The deal sees Bowmark Capital become the new major shareholder alongside Aston Scott’s founder, senior members of staff and a new executive chairman.
Legal aspects of the sale and the individuals’ investments were managed by law firm Cripps, which has enjoyed a long relationship with ASG having helped it acquire and integrate four complementary insurance broking businesses in recent years.
Partner James Beatton, who led the 10-strong Cripps team working on the transaction, said: “This is a significant deal involving a major player in the insurance market. ASG already has a strong track record of growth but the injection of new private equity funding means it is poised to grow even faster in future.
“It was an exciting deal to work on, calling for a cross-section of legal disciplines from corporate finance and property to employment and commercial contracts. Added adrenalin came from completing the whole thing in less than six weeks.”
ASG will use Bowmark’s investment to support a continued buy-and-build strategy in the fragmented business insurance broking market.
Original main shareholder and founder Andrew Scott said: “After building this business for over 20 years through the steady reinvestment of profits, the time has come to accelerate. I am extremely proud of the Aston Scott team and the fantastic results they have achieved and I am grateful to Cripps for their ongoing professional support and advice – I couldn’t have asked for more from any law firm.”
Glenn Scarborough, who owned the remaining shares, added: “Aston Scott has built itself a fantastic reputation for professionalism and integrity, it is an excellent platform for Bowmark and the management team to build upon.”
Aston Scott Group has expanded over the years through a combination of organic growth, diversification and strategic acquisition. Established in 1993, the company, which has over 230 employees, has a nationwide network of offices from Scotland in the North to Cornwall and Kent in the South. Its head office is in West Malling.