New Towergate group chief executive David Ross says IPO on the cards for next year
The Ardonagh Group, the new UK broking group formed in May by merging Towergate with four other firms, is considering floating on the stock exchange.
Ardonagh chief executive David Ross (pictured) told the Telegraph that Ardonagh will discuss the possibility of an initial public offering (IPO) when the new group is a “monster” next year.
An IPO is among several options being considered by the new Towergate Group.
Ross told the Telegraph: “We could IPO, could stay with private equity, could go to a trade buyer. We’ll enjoy being private for a while, but could be big enough to IPO. In 12 months, when this is a monster, the board will need to talk.”
Ardonagh, recently rebranded from its temporary name KIRS Group, includes Towergate, Autonet, Price Forbes, Chase Templeton and Direct Group.
It is majority owned by investment firms HPS Investment Partners and Madison Dearborn Partners.