“I am very pleased to have partnered with MML Ireland on this opportunity. Paddy, Ciarán and Donagh have built a business with an exceptionally strong reputation among customers and insurers. We will continue to build on this strong foundation and will take great care to maintain this reputation as we grow and explore other opportunities that add value.”

Ronan Foley, CEO, INNOVU Insurance
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INNOVU Insurance

innovu.ie
An alternative to a trade sale. Supported ownership and management transition, using the acquired business as a platform to implement a buy and build strategy.

The business

INNOVU Insurance is a national insurance broker with a balance of personal and commercial lines of business.

The deal

The insurance broking sector was one which MML Ireland had been investigating alongside Ronan Foley, a seasoned CEO with 30 years industry experience. The market was large and fragmented with clear consolidator drivers. MML Ireland were introduced to Sheridan Insurances, a second generation broker with a strong market presence, whose shareholders were seeking to realise value. MML Ireland were able to offer an alternative to a trade sale, bringing in Ronan as CEO and using the business as a platform for consolidation. MML Ireland invested for a majority stake allowing the Sheridan brothers to realise part of their investment whilst rolling a material amount alongside MML Ireland. The business has gone on to acquire a further four brokers, significantly increasing in scale and has rebranded as INNOVU Insurance.
Fund
MML Ireland Fund I
Region
Republic of Ireland
Deal Status
Realised
Sector
Financial Services

Related news

MML Ireland exits its investment in INNOVU Insurance to Gallagher
MML Ireland is delighted to announce the sale of INNOVU Insurance to Gallagher, the global insurance broker, risk management and consulting firm, after a period of significant growth.
INNOVU Group acquires P.E. Kelly Insurances
INNOVU Group Holding is pleased to announce the acquisition of P.E. Kelly Insurances Ltd.
INNOVU Group acquires Cullen Insurances
INNOUV Group is pleased to announce the acquisition of William Cullen & Sons Ltd. (Cullen Insurances), a leading insurance broker in the South-West of Ireland.
INNOVU Group acquires Goggin Insurance Group
INNOVU Group completes its third deal with the acquisition of Goggin Insurance Brokers Ltd (GIB).
INNOVU Group acquires Wexford Insurance
INNOVU Group (formerly Sheridan Insurances) is pleased to announce the acquisition of Wexford Insurance Group Limited (trading as Wexford Insurances).

Associated deal team

Neil McGowan

Partner and Co-Head of Investments

Shane Cooke

Investment Director
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