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14.09.21

Sovereign wins ‘UK Lower Mid-cap Deal of the Year’ at the British Private Equity Awards for Arachas

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We are delighted to have won ‘UK Lower Mid-cap Deal of the Year’ at the British Private Equity Awards 2021, for the successful exit of Arachas Corporate Brokers (Arachas), a leading commercial insurance brokerage in Ireland, which following a three-year investment period, delivered a 5.5x money return to investors. The judges selected Arachas because of the ‘ingenuity and consolidation it brought to the Irish market…and the series of acquisitions in the market which made it attractive to its US secondary buyer.’

Alex Hay, Partner, Sovereign Capital Partners: ‘It was a pleasure to partner Arachas’ highly talented management team - founder Donal Cronin, Chairman Gareth Brady, CEO Conor Brennan and CFO John McCarthy - to support the transformational growth of the business. We would also like to thank our advisers on the transaction which included Keefe, Bruyette & Woods, Eversheds, AIB Corporate Finance, Deloitte and LEK.

Sovereign originally backed the MBO of Arachas in early 2017. During the period of Sovereign’s investment, Arachas made four acquisitions: Capital Cover Group, Kidd Insurances, Covercentre and Murray & Spelman. These acquisitions brought substantial additional scale to the Group, further developing its service offering and distribution channels, expanding its geographical footprint and consolidating its position as the leading SME focused commercial lines insurance broker in Ireland.

Sovereign was a highly supportive investor providing both financial and strategic capability. Together we made a series of high-quality acquisitions and delivered strong organic growth supported by significant investment into the company’s IT systems and data analytics capability.

Conor Brennan, CEO of Arachas

FURTHER INFORMATION

 

Julie Sieger, +44 (0)20 7340 8800 or email: juliesieger@sovereigncapital.co.uk