31 October, 2018 – Sheridan Insurances Ltd. is delighted to announce that MML Growth Capital Partners Ireland, a leading investor in Irish small and medium enterprises, has agreed to make a significant investment into the business.
Sheridan Insurances is a leading insurance brokerage based in the South-East. It has built a strong reputation among its Corporate, SME and Personal customers, served through its network of four offices and on www.sheridan.ie. Sheridan will generate gross written premium of approximately €25 million in 2018 and this investment by MML will enable the business to grow through a series of targeted acquisitions.
Ciaran Sheridan and Donagh Sheridan will remain significant shareholders. Ciarán Sheridan, Managing Director will continue in the business as a director. Donagh Sheridan, will continue in his current Commercial Director role. As part of the transaction, Ronan Foley will join the business as CEO. Ronan was previously CEO of IPB Mutual Insurance and has over 25 years’ experience in the insurance sector across Ireland and the UK. The appointment is subject to approval by the Central Bank of Ireland.
The MML investment will be made from the MML Growth Capital Partners Ireland I Fund, a €125 million fund supported by Enterprise Ireland, AIB and a number of international institutional investors. The fund is dedicated to backing small and medium sized private businesses located on the island of Ireland.
Shane Cooke, Investment Director at MML said: “MML continues to target Irish SMEs with strong growth ambitions. We are delighted to partner with Ciarán, Donagh and Ronan in Sheridan Insurances. We are backing a strong business led by an experienced team, in a sector we have tracked for some time with Ronan and we intend to invest further to support the business to help it accelerate its growth plans.”
Ronan Foley added: “I am very pleased to have partnered with MML 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.”
Ciarán Sheridan said: “In 1963 President John F. Kennedy had just come through Wexford and his motivational influence on a young Paddy Sheridan convinced him that if there ever was a time to do something, then that time was now. And so, he quit his permanent, pensionable job in The Norwich Union Insurance Company and set about starting the business. There were no support structures or assistance for new start-ups. Roll on to 2018 and Sheridan’s has an ambition to grow the business. In MML we have been able to secure an Investor with vision and ambition, this is such an exciting time for our business, we have a strong and dedicated team of people at Sheridan’s and this new partner gives us the firepower for significant growth. We are forecasting adding up to 25 additional jobs over the next three years.”
PwC advised the shareholders of Sheridan Insurances and Deloitte advised MML. Flynn O’Driscoll / Tughans acted as legal advisers to MML while Kirwan McKeown James acted for Sheridan Insurances. Mazars and PwC provided financial and tax due diligence and CIL Management Consultants provided commercial due diligence.