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Envest acquired by UK private equity fund
Global law firms Ashurst and Dentons have advised on an acquisition between Envest and UK-based private equity fund Ardonagh Group.
Emma Musgrave
Firms: Ashurst (Envest); Dentons (Ardonagh Group)
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Deal: Ardonagh Group has acquired Envest.
Value: $700 million
Area: Merger and acquisition
Key players: The Ashurst team was led by partner John Brewster, with support from partner Ben Landau, senior associates Jonathan Down and Gabriel McGuinness, and associates Max Arundel, Julia Mollica, Alex Hutchinson and Adam Gordon (corporate transactions); partner Rehana Box and senior associate Alexandra Nash (insurance); partner Alinta Kemeny and counsel Sarah Worrall (RSSG); and partner Ian Kellock, counsel Bronwyn Kirkwood and associate Hayley Young (tax).
The Dentons team was led by partner Alex Eyre, with support from partner Caroline Snow, special counsel Jay Nguyen, senior associate Kyla Brose and associate Jack Williams. Ardonagh Group general counsel Alissa Pfitzner also played a critical role.
Deal significance: Envest is an Australian insurance investment and distribution business. Some of its shareholders include Macquarie Capital.
According to a statement provided by Ashurst, the transaction involved a merger of Envest and Ardonagh’s existing Australian businesses, including Resilium Insurance Broking Group.
Commenting on the deal, lead partner for Ashurst John Brewster said: “We are very pleased to have assisted the shareholders of Envest, including Macquarie Capital and Envest’s management team led by Gregory Mullins, on this landmark transaction.
“Envest is a market-leading insurance investment and distribution business with interests in brokers, agencies and insurtechs.
“The combination of Envest and Ardonagh’s existing assets in Australia, including Resilium Insurance Broking Group and Epsilon, creates a platform with serious scale and placement capacity.”
Commenting on behalf of Dentons, lead partner Alex Eyre said: “We were proud to advise Ardonagh on its entry into the Australian market early last year, and have been delighted to continue to support Ardonagh’s M&A growth strategy here.
“It is a privilege to advise Ardonagh as they continue to consolidate and grow their platform in the Australian market and start this new and exciting chapter with Envest.”
