Ataraxia Broking Ltd has partnered with Whitefield Insurance Services Ltd in May 2018 to effect a management re-structure.
The business was jointly owned by Steven Foster and Stephen Hopwood, and they were looking for options to facilitate Steven Foster’s exit from the business, both as a Director and Shareholder.
As a strong independent local broker, a total sale to an acquisitor was not the solution either party was looking for. Stephen Hopwood wished to take the business forward on a solo basis, and was looking for a business partner to help facilitate the funding and restructure.
The deal completed on 18th May, for an undisclosed amount, and sees Steven Foster exiting the business, and Stephen Hopwood increase to a majority shareholding. He takes control of the company, with Ataraxia as a minor investor, supporting the business as a silent partner.
With the unique support of Ataraxia, Stephen’s plans for the business going forward, focus on growth. Whitefield’s industry expertise, coupled with the broking strength that lies with this partnership, means that the company is strongly placed to service an expanding client base.