MML invests in Sheridan Insurances

The GP drew capital from the €125m vehicle MML Growth Capital Partners Ireland I Fund, which writes equity cheques of €2-12m and takes part in minority and growth capital investments, according to its website.

As part of the deal, former IPB Mutual Insurance CEO Ronan Foley will take on the role of CEO at Sheridan, while managing director Ciaran Sheridan will move into the role of director. Sheridan will also look to hire up to 25 additional team members over the course of the next three years.

The transaction is subject to regulatory approval.

Company
Founded in 1964 and headquartered in Wexford, Sheridan Insurances is a broker focusing on automotive, home, business and life insurance. The company is forecasting gross written premiums of approximately €25m in 2018 and has additional offices in Dublin, Kilkenny and New Ross.

People
MML Growth Capital Partners – Shane Cooke (investment director).
Sheridan Insurances – Ronan Foley (CEO); Ciarán Sheridan (director); Donagh Sheridan (commercial director).

Advisers
Equity – Flynn O'Driscoll (legal); Mazars (financial due diligence); PwC (tax); CIL Management Consultants (commercial due diligence).
Vendor – PwC (corporate finance).
Company – Kirwan McKeown James (legal).

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• Topics
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• MML Capital Partners
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• Mazars