17th January 2019
County Insurance Group buy Swinford Insurance Consultants
We are delighted to advise that the sale of Swinford Insurance Consultants to County Insurance Group Ltd completed 16th January 2019.
Ataraxia took a minority holding in Swinfords in 2015, as the first step of Mike and Chris’s plan for a gradual path to retirement. In 2018, they advised that they wished to sell in entirety, and enlisted our help in finding the perfect solution. After first establishing that our local Ataraxia brokers were not the “fit” that they needed, we sourced the deal that the vendors were looking for, through one of our new “sister” companies, County Insurance Group Ltd.
This connection arrived from our new partnership with MVP, and the connected companies associated with common directorship. Through this connection we were able to secure a generous valuation multiple for the business, and delivery on Mike and Chris’s “wishlist” in terms of the overall deal structure. Both vendors wished to stay with the business to secure smooth client transition to the new owners, and this forms part of the structure. Also important to the sellers was maintaining the office premises in Kinver and the existing staff. Further details are outlined in Insurance Age.
Ataraxia also ensured that the legal process flowed smoothly between both parties, ensuring that this was as seamless a transaction as possible. We are proud that this deal demonstrates our new joint capabilities in partnership with MVP. A great outcome for all parties.