Aston Lark retains banks for private equity search

Aston Lark has appointed banking firms Macquarie and Livingstone to assist with the firm’s pursuit of new private equity backing.

Insurance Times last week revealed the broker’s chief executive Peter Blanc was looking to bring on new private equity investment this year to fund more deals.

And Insurance Insider today reported that the two banking firms will run the auction process for current Aston Lark owners Bowmark Capital.

However, Blanc today told Insurance Times an investor joining alongside Bowmark, which currently holds a 55% shareholding, was the most likely outcome.

He said: “This is the next stage of development. Bowmark has been a fantastic investor for us, taking us from £5m EBITDA up to north of £20m EBITDA, but at some time they are going to want to realise that investment.

“That can be either a partial realisation or a full realisation, and that depends on who comes forward.”

Aston Lark is still in the preparation stage of beginning to find a new investor, but Blanc said the search would begin in the next few months.

The broker has two deals in the pipeline funded by Bowmark which Blanc said are in the due diligence stage. Further deals are in the pipeline for the next few months.

Blanc added: “It’s just a refinancing. We’ve got a huge pipeline of opportunities, but to realise all of that pipeline you need investment fire power to do it.”

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