Innovu Group Holding Company Ltd. (“INNOVU Group”) today 1st July 2021 announces the acquisition of Goggin Insurance Brokers Ltd. (“GIB”).
Established by Aidan and Anne Goggin in 1980, GIB is a leading Mid-West insurance broker with offices in Newcastle West and Listowel. Led by Darragh Goggin, it has built a strong reputation among its Corporate, SME and Personal customers over its 41-year history. As part of the transaction, Darragh Goggin will become a shareholder and director in the enlarged INNOVU Group.
This investment represents the third acquisition by the INNOVU Group in the past two years, having previously acquired Sheridan Insurances and Wexford Insurances (now INNOVU Insurance) in 2019. With a number of other acquisitions under active consideration, INNOVU Group will continue to expand its insurance presence and service offering in Ireland, supported by private equity investment firm, MML Growth Capital Partners Ireland (“MML”).
Ronan Foley, CEO of INNOVU Group commented:
“I’m delighted that Darragh and the team at GIB will be joining forces with INNOVU. It is another important strategic step for us as we continue to grow our insurance presence in Ireland through targeted investment in strong, well established independent brokers. GIB is a fantastic business with an experienced and dedicated team and a strong customer focus. It will play an important role within the INNOVU Group as we continue building scale through organic and acquisition led expansion.
“Having acquired Sheridan Insurances and Wexford Insurances, we felt that GIB would form a great cultural and business fit within our growing business. We look forward to working with Darragh and the team, developing the business as a key strategic hub for us in Munster and building on its long-standing success in providing high quality customer service, insurance solutions and expert advice.”
Darragh Goggin, CEO of GIB said:
“We are delighted to join the INNOVU Group. They share our belief in delivering market leading and cost driven insurance solutions to clients. It is business as usual for our customers and they will continue to be supported by our excellent teams in Newcastle West and Listowel. We look forward, as part of the INNOVU Group, to building on and further enhancing our service and product offering to clients. We would also like to take this opportunity to thank our staff and clients for their continued support.”
Following this acquisition, INNOVU Group will employ over 120 insurance professionals.
Shane Cooke, Investment Director at MML said:
“MML is delighted to support INNOVU Group with this transaction. GIB is a strong business with a proud heritage led by an experienced team and is a perfect strategic fit. We intend to invest further to support the overall business to help it accelerate its growth plans with further acquisitions planned in the near term.”
McCann Fitzgerald acted as legal advisers to INNOVU Group while Holmes O’Malley Sexton Solicitors acted for GIB. Deloitte and PWC provided financial and tax due diligence for INNOVU. PKF O’Connor, Leddy & Holmes Limited acted as corporate advisors to GIB. James Mulqueen & Co and Boland & Partners acted as their financial and tax advisors.