UK-based insurance broking firm The Ardonagh Group has secured a new significant equity investment that takes its valuation to around $7.5bn.

It secured the investment from existing long-term shareholders Madison Dearborn Partners and HPS Investment Partners, alongside new co-investors through accounts managed by MDP and HPS, including a completely-owned subsidiary of the Abu Dhabi Investment Authority (ADIA), and several large global institutions.

As  per the terms of the transaction, funds affiliated with MDP will raise their shareholding in Ardonagh while HPS will reinvest in it.

The co-investors, including the ADIA subsidiary and several other large global institutions, will also acquire over $1bn equity through accounts managed by MDP and HPS as part of the transaction.

The Ardonagh Group CEO David Ross said: “The recommitment of both HPS and MDP continues a partnership that has helped Ardonagh grow into an international broking powerhouse. Continuity of ownership after six years is the optimum outcome for us, allowing management to focus solely on the execution of our strategy and the preservation of the unique Ardonagh culture.

“We are also delighted to welcome HPS and MDP co-investors to the Group. Their global, long-term ambitions are perfectly aligned with our own and those of our other shareholders, securing our goal of being a private enterprise for years to come. Today is a major milestone in Ardonagh’s journey and the achievement belongs to our greatest asset – every one of our people.”

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Set up in 2017, The Ardonagh Group serves as a broker for clients across Retail, Advisory, Specialty and International platforms.

As of 30 September 2021, Ardonagh had a last twelve months (LTM) pro-forma income of $1.5bn and LTM pro-forma adjusted EBITDA of $530m.

It employs around 8,000 people across more than 100 locations.

Expected to close in the first half of 2022, the deal is subject to customary closing conditions including regulatory approvals.

Fenchurch Advisory Partners is serving as the sole financial advisor to The Ardonagh Group.