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Unquote
  • Exits

Synova reaps 5.6x from Stackhouse Poland sale to Gallagher

  • Kenny Wastell
  • Kenny Wastell
  • @kennywastell
  • 08 January 2019
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Synova has generated a 5.6x return from the sale of its stake in UK-based insurance broker Stackhouse Poland to US trade buyer Arthur Gallagher & Co.

Unquote understands the deal values Stackhouse Poland at around £275m and that the return generated is equal to all invested capital from Synova II, the £110m vehicle from which the GP drew down capital to make its initial investment.

The 5.6x money multiple represents a 52% IRR over the four-year holding period.

Stackhouse Poland

  • DEAL:

    Trade sale

  • VALUE:

    n/d (£275m est)

  • LOCATION:

    Guildford

  • SECTOR:

    Insurance brokers

  • FOUNDED:

    1974

  • TURNOVER:

    £55m

  • STAFF:

    500

  • VENDOR:

    Synova Capital

  • RETURNS:

    5.6x, 52% IRR

The transaction comes 15 months after Stackhouse Poland undertook a refinancing in order to support its ongoing acquisitive growth strategy. Ares provided a package comprising a £50m senior debt facility and a £20m accordion feature. The package replaced a Lloyd's facility secured two and a half years prior.

During Synova's holding period, Stackhouse Poland made 12 bolt-ons, most recently acquiring real estate insurance broker Property Insurance Initiatives (PII) in December 2018. It is understood the company quadrupled its EBITDA, which initially stood at around £4-5m, during the GP's tenure. Turnover tripled to around £55m during the same timeframe, according to a statement issued by the vendor.

At the time of the PII bolt-on, Unquote reported that Synova held a significant minority stake and was the group's largest shareholder.

Unquote understands that a sale process for Stackhouse Poland was due to begin this month, though this was preempted by a number of potential trade and PE buyers.

Previous funding
Synova led the buy-in management buyout of Stackhouse Poland in 2014.

Company
Founded in 1974 and headquartered in Guildford, Surrey, Stackhouse Poland is a specialist insurance brokerage focusing on private client insurance, commercial insurance, community insurance, and health and protection insurance for groups and individuals. The business has a headcount of around 500 and operates from 23 offices across the UK.

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

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  • Synova Capital
  • Trade sale
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