Synova's Stackhouse Poland bolts on Honour Point

Financial details of the transaction remain undisclosed, though Unquote understands it represents a comparatively smaller tuck-in acquisition for the company, rather than a larger scale merger.

It is understood the deal was partially financed from Stackhouse's balance sheet and partially with capital from the refinancing deal undertaken by the firm last year. Ares provided a package comprising a £50m senior debt facility and a £20m accordion feature in October 2017, replacing a Lloyd's facility secured two and a half years previously.

The transaction is Stackhouse's ninth acquisition since the GP backed the buy-in management buyout of the company in December 2014. The group's acquisitive growth strategy targets complementary niche insurance providers operating in personal and specialist commercial lines.

Following the deal, the consolidated group will place in excess of £250m in gross written premiums, Unquote understands, and will have a headcount of around 500.

Company
Founded in 1996, Birmingham-headquartered Honour Point provides corporate insurance brokerage and risk management consultancy, focusing on clients in the publishing, arts, heritage property and charity sectors.

People
Synova Capital – David Menton (managing partner).
Stackhouse Poland – Tim Johnson (CEO); Jeremy Cary (chairperson).
Honour Point – Dominic Dolan (managing director).

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