Andrew Scott will step down as chairman but will remain as a significant investor in the business
Peter Blanc has led a management buyout (MBO) of broker Aston Scott Group.
As a result of the MBO which was funded by private equity firm Bowmark Capital, Blanc will become executive chairman.
Aston Scott was advised by mergers and acquisitions specialist IMAS Corporate Finance.
The former Oval chief executive and Arthur J Gallagher retail boss will work closely with Aston Scott chief executive Heidi Carslaw (pictured right) and group resources director Sarah Locke (pictured left).
Carslaw said the investment from Bowmark would help Aston Scott to grow both organically and through targeted acquisitions.
Blanc added: “I have known and respected both Andrew and the Aston Scott business for many years and I can’t tell you how excited I am by the opportunity to join this great group of people.
“There is a culture of service excellence and an integrity which flows through every branch and I’m looking forward to growing the business whilst maintaining the ethos which has made this group so successful.”
Bowmark partner David Torbet said: “We have been looking for a while for the right platform to execute a buy-and-build strategy in this market.
“We are delighted to have entered into partnership with Peter, Heidi, Sarah and the rest of the Aston Scott team and are looking forward to helping deliver the next stage of growth of the business.”
Andrew Scott will step down as chairman but will remain as a significant investor in the business and will assist the group as an independent consultant.
He said: ”After building this business for over 20 years through the steady reinvestment of profits, the time has come to accelerate. I am extremely proud of the Aston Scott team and the fantastic results they have achieved, and of the reputation the Company has built for professionalism and integrity.
”With Bowmark’s funds, the business will now have the fire-power to aim even higher with its acquisition strategy.”