Goldman Sachs-backed Aston Lark acquires Protean

The company financed the transaction using its £160m acquisition facility provided by Ares.

This is the first acquisition Aston Lark has made since the Goldman Sachs Merchant Banking Division acquired the firm in May 2019. Previously, the company was owned by Bowmark Capital and made 13 acquisitions during its holding period. Bowmark has since reinvested in the company for a minority stake.

Aston Lark, which currently generates an EBITDA of around £25m, expects to make two more acquisitions by the end of 2019, said CEO Peter Blanc.

The insurance broker acquired Protean to expand its financial institutions division, which previously employed five people. It plans to expand the division to up to 60 staff over the coming years.

Company
Protean Risk is a specialist Lloyd's insurance broker focusing on the investment industry, financial services and technology sectors, with clients ranging from startups to international organisations. Founded in 2008 and headquartered in London, the company employs 25 people.

People
Aston Lark – Peter Blanc (CEO).
Protean Risk – Nathan Sewell (CEO).

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• Topics
• Portfolio management
• UK / Ireland
• Financials
• Build-up
• United Kingdom
• Bowmark Capital LLP
• Goldman Sachs