The deal between Heath Lambert and Gallagher has been confirmed, with the American broking giant paying £97m in straight cash.
Heath Lambert chief executive Adrian Colosso will be running the UK retail operation reporting into Gallagher International chief executive David Ross.
During a two-year integration period, it is estimated to break even in 2011 and contribute approximately £12m of Earnings before Income Tax Depreciation Amortization and non-cash equity Compensation (EBITDAC) in 2012.
In 2013, it is estimated to contribute approximately £20m EBITDAC.
Chairman Patrick Gallagher said: “This acquisition represents an important strategic move for our company.
“Since 1974, we've been in London primarily as a wholesale broker. Now, Heath Lambert offers us an excellent opportunity to become a large retail broker in one of the best insurance markets in the world. Their highly-skilled team shares our culture, and their complementary product and service capabilities are an excellent fit with our U.S. and expanding international retail operations. I'm extremely pleased to welcome all of the talented Heath Lambert associates to our Gallagher family of professionals."
Heath Lambert chief executive Adrian Colosso said: "Gallagher is the perfect match for our employees and customers. Gallagher's dedication to excellence complements Heath Lambert's strong, well-respected and customer-oriented retail operations. Together, we will continue to deliver outstanding insurance brokerage services to the UK market."
Gallagher UK chief executive David Ross said: “Heath Lambert provides us with a solid platform to grow our broker ranks through targeted recruitments and additional mergers.”
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