Howden Acquires Aston Lark In £1.1 Billion Deal
Howden, the London-based insurance broking group, announced it has reached an agreement to acquire Aston Lark from Goldman Sachs Asset Management and Bowmark Capital. According to a Reuters report, the purchase price is £1.1 billion.
The deal is Howden’s largest acquisition to date following its purchase of A-Plan in September 2020, which was completed at the end of March this year.
Aston Lark is one of the UK’s largest independent insurance brokers, specialising in complex commercial and private client insurance and employee benefit advice, placing over £1 billion of gross written premiums for around 200,000 clients, on behalf of the UK’s leading insurers.
“The completion of our UK Broking platform is a deal a decade in the making and I’m thrilled that Aston Lark’s highly respected and experienced management team has chosen Howden as its final home,” commented David Howden, chief executive officer, Howden Group.
David Howden, Chief Executive Officer, Howden Group
“Not only is Aston Lark the missing piece of our UK broking strategy but our new strengthened platform signals a new beginning for the group, accelerating our significant international ambitions by bringing a fresh and energetic dynamic to all our markets and even greater value to our clients,” Howden said.
Goldman Sachs Investment Banking Division and Macquarie Capital served as financial advisers, with Latham & Watkins LLP serving as legal counsel to Goldman Sachs Asset Management, Bowmark Capital and Aston Lark. The management team of Aston Lark were advised (on the sell side) by Eversheds Sutherland (International) LLP and PwC and (on the reinvestment side) by Jamieson Corporate Finance, DLA Piper and PwC. Howden was supported by Weil, Gotshal and Manges LLP, Norton Rose Fulbright LLP, and PwC.
