Ardonagh buys Broker Network-owner Bravo Group
The consolidator announces $500m notes offering and flags £1.6bn equity valuation as it brings the network, along with Ethos Broking and Compass, back into the fold.
The Ardonagh Group has agreed to buy the holding companies of Bravo Group and Arachas and announced a $500m (£401.3m) notes offering.
Bravo Group comprises Ethos Broking and Compass as well as Broker Network, which Ardonagh, then Towergate, sold to HPS Investment Partners and Madison Dearborn Partners in 2016.
According to Ardonagh Bravo placed approximately £2.6bn of GWP, both directly through Ethos and indirectly through its networks last year.
Credit
Ardonagh further stated that it
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