Compass joins stable of insurance investments that includes Towergate
HPS Investment Partners and Madison Dearborn Partners have agreed to acquire Compass Broker Holdings.
The two private equity investors are the major shareholders of the Ardonagh Group, the parent group of Towergate.
They said that on completion, Compass will join a “strong portfolio of companies within the HPS and MDP family”.
Alex Alway will retain his role as chairman and John Lincoln (pictured) will remain as chief executive of Compass. The Compass management team will also stay on to execute the strategy, the new owners said.
MDP managing director Matthew Raino said: “We are delighted to add to our already varied group of companies and we see the purchase of Compass fitting well with our broadening portfolio of UK insurance service assets.”
Lincoln commented: “This is an exciting time for us and provides Compass with a strong long-term investor which will support our growth ambitions. The partnership will transform our business by providing us with a host of resources needed to help us realise our full potential.”