Aston Lark wants to either add to or replace its current private equity backing in 2019
Aston Lark is looking to either add new private equity investment or replace their current private equity backer this year.
Since Bowmark Capital in 2015 invested in Aston Lark, the broker has acquired six brokers and completed its merger between Aston Scott and Lark Group.
But Aston Lark chief executive Peter Blanc said that to enable further growth, greater levels of investment would be necessary.
“We’re finding an increasing number of opportunities in the market and some will require greater levels of investment.
“Bowmark has been a fantastically supportive investor and continue to provide whatever capital the business requires - as such, the next logical stage for the business is to find another PE backer to invest alongside or replace Bowmark.”
Blanc was responding to a Daily Mail article suggesting Bowmark is preparing Aston Lark for a sale by looking to appoint a corporate finance advisor.
Aston Lark is part of the private equity firm’s 2014 fund, comprising of investments that aim to be sold by 2024.
But Blanc said Aston Lark could “happily sit within Bowmark for the next few years”.
“The only thing that’s changed is that we’ve grown quite quickly, so if any opportunities come up over the next few years that are larger then we will need another private equity firm to sit alongside them,” Blanc added.
“As we continue to grow the one certainty is that we will continue to need capital to enable us to take advantage of all of the opportunities in front of us.”
Bowmark was contacted for comment.
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