Lark chairman: MBO was only satisfactory outcome
Hiscox has been revealed a minority investor in Lark’s management buyout (MBO) from parent company Groupama.
As first reported in Insurance Times, the broker completed its MBO for an undisclosed sum on Monday.
Lark chairman Graham Lark said in statement said that once Groupama announced its decision to sell the business the only outcome that would match Lark’s aspirations as a business was an MBO.
“While I would like to thank Groupama for all their support over the last five years and wish them well for the future, we are now looking forward to life as an independent broker once again,” he said.
“We are hugely fortunate to have such a long-serving and hard-working team, and I would like to thank them all for their patience during the last few uncertain months.”
Lark also thanked Hiscox as a backer that has supported it “as a minority investor in the buyout” as well as Lloyds TSB Bank for providing debt finance.
He said: “With the transaction now behind us I have every confidence that Lark will continue to thrive and grow in the challenging times ahead.”
No comments yet