Compass sale to Ardonagh owner HPS Investment Partners and Madison Dearborn Partners has gained FCA approval

Ardonagh majority shareholders HPS Investment Partners and Madison Dearborn Partners have completed the acquisition of Compass, leading to changes at the top.

The sale was completed slightly over a month after it was announced on 1 March 2018.

Now that the FCA has approved the purchase, current Compass chief executive chairman Alex Alway will replace Ian Clark as Broker Network and Compass chairman.

Alway said: “Broker Network and Compass are both market-leaders within the Network arena and provide a suite of business support services to independent brokers. I’m very much looking forward to developing the offerings at both companies, whilst at the same time building strong new relationships with Andy and the team at Broker Network.

Clark will ‘step down from his current position but will continue to support the leadership of the Network’, a press release suggests.

Alway continued: “I’m delighted Ian will remain close to the business. His extensive broking experience and knowledge of Broker Network and its members will be invaluable as we transition into a new phase and progress our ambitions.”

However, despite Alway’s wider tenure, the businesses will continue to be independent of one another, and Compass’s John Lincoln and Broker Network’s Andy Fairchild will retain their current chief executive roles.