Gallagher is acquiring 100% of the shareholding in INNOVU from MML Ireland, a number of private shareholders and the company’s management. Specific terms of the transaction are not being disclosed.
Commenting on the transaction, Shane Cooke, Investment Director at MML Ireland, said:
“MML were delighted to start the journey with INNOVU and support them from day one to acquire Sheridan Insurances with the continued involvement of Ciaran and Donagh Sheridan. We have enjoyed partnering with Ronan and Paul and each of the other shareholders who have joined the business with each acquisition. We wish them, the wider management team and Gallagher the very best for the future. We see this development as a significant opportunity for both Gallagher and INNOVU and places the businesses here in a strong strategic position for the future.”
Ronan Foley, CEO of INNOVU, said:
“MML Ireland has been a highly supportive partner for the company, backing me and the management team at every stage, as we deliver on our vision to build a leading customer focused insurance broker. Their guidance has been invaluable throughout. In particular, their support in facilitating acquisitions, support in building out the senior management team and their commitment and investment into people and systems has been pivotal to INNOVU’s success.”
INNOVU Insurance was originally established in 2018 by its CEO, Ronan Foley in partnership with MML Ireland to acquire Sheridan Insurances, a generalist broker, with the intention of using it as a platform for organic and acquisitive growth. The company has a strong record of successful M&A and since 2019 has gone on to acquire four further Irish brokers.
INNOVU now employs 135 colleagues and offers a range of commercial and personal insurance products, plus financial services, serving a customer base of 45,000 across Ireland. The firm, headquartered in Wexford, also has offices in Dublin, Kilkenny, Limerick, Tipperary and Kerry, giving it an extensive footprint across the country. The business places around €60 million GWP on behalf of its clients.
INNOVU’s commercial lines business is spread across a diverse range of industry sectors and products include commercial combined, commercial motor, combined liability, fleet, equestrian, and commercial property. Personal lines products include motor, household, travel and high-net-worth and its financial services offering includes pensions, protection, life and illness, savings, and investments.
Gallagher already has an extensive branch network across the UK, including Northern Ireland, and the acquisition of INNOVU is its first on-the-ground presence in the Republic of Ireland. Foley will continue to lead the business as CEO of Gallagher in Ireland, supported by his existing team.
INNOVU shareholders including MML Ireland were advised by: PWC Corporate Finance (Corporate Finance); Deloitte (Financial); PWC (Tax), and McCann Fitzgerald (Legal).
