Global law firm Ashurst has advised shareholders of Australian insurance investment and distribution business Envest Pty Ltd, including Macquarie capital, on the sale of Envest to UK-based private equity fund Ardonagh Group for approximately A$500 million.
The transaction involved a merger of Envest and Ardonagh's existing Australian businesses, including Resilium Insurance Broking Group. The merged group has a combined value of more than A$700 million.
Partner John Brewster commented:
"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."
The Ashurst team was led by partner John Brewster, who was assisted by: 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).
