Cripps advises on Aston Scott and Lark Group Merger
Cripps has advised the management team of insurance broker Aston Scott on its merger with Lark Group. The enlarged group, which is backed by Bowmark Capital, will create one of the UK’s top 20 independent firms in the insurance broking industry, with annual revenues of more than £50 million and around 600 staff across 18 offices.
Cripps previously advised on the Bowmark Capital backed management buy-out of Kent based Aston Scott in 2015. The investment allowed Aston Scott to pursue a buy-and-build strategy and take advantage of the highly fragmented UK insurance broking market – a strategy which the merged group will be well placed to continue.
Aston Scott Group Chief Executive, Peter Blanc said: “Joining forces with Lark will create an incredibly strong presence in the UK insurance broking market. Both management teams share a passion for the service and integrity that our markets demand.”
Partners James Beatton and Salim Somjee worked closely with the Aston Scott management team on the revised equity structure required as part of the acquisition.
Peter Blanc commented: “This was a landmark deal for Aston Scott and we were impressed with the responsiveness and professionalism of the Cripps team. They guided us through the legal aspects of the transaction, in so far as they affected us, within a tight timeframe to ensure we achieved our overall objectives.”
This deal is the latest of a number our corporate team have advised on. For more information click here.