The acquisition is Ardonagh’s first of the year
Ardonagh has broken its 2020 M&A duck with the acquisition of motorcycle broker Bennetts from Saga for £26m, it announced today.
Insurance Times understands that the purchase will be funded using existing liquidity and is expected to close within the next six weeks.
Bennetts, which has been going since 1930, provides cover for over 200,000 motorbikes across the UK. It employs over 200 staff across sites in Peterborough and Coventry.
Ardonagh chief executive David Ross said Bennetts ”holds an well-respected position in the bike insurance sector, making it an ideal addition to the Group.
”As we gather further momentum into the new decade and continue capitalising on the opportunities that arise from the breadth and depth of our position, we look forward to welcoming another leading brand into the Ardonagh family.”
The acquisition was made through Ardonagh subsidiary and retail platform Atlanta Group, who’s chief executive Ian Donaldson said: “More than just an insurance provider, Bennetts holds a distinct place within the biking world thanks to its approach to social channels, with Bike Social providing a hub of expert resources and advice for riders of all persuasions across the UK.”
“It’s this client-centric focus which makes it a brand we’ve admired for some time and one that’s set to complement our business lines beautifully. We look forward to the collaboration opportunities ahead.”
Bennetts joins motorbike broker Carole Nash, Autonet, and Swinton in the Ardonagh stable.
Saga chief executive Euan Sutherland commented: “As Saga seeks to focus on our core branded business, I am pleased to announce we have agreed the sale of Bennetts. This is a good outcome for Saga shareholders and Bennetts customers who will find a good home in the Ardonagh Group.”
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