Aston Lark, the broking group owned by UK-based Howden, has agreed to acquire another Irish broker and adviser in a deal worth more than €10 million.
The deal for Dublin-based Finance Solutions brings to 14 the number of acquisitions – mostly in the insurance broking sector – that Aston Lark has completed since entering the market in the Republic in 2021, as part of a wave of unprecedented consolidation as small and medium-sized independent firms here continue to sell up to bigger players.
Founded by Ken Murray in 2011, Finance Solutions has more than 7,000 clients and employs 40 people, the companies said in a statement on Monday. It specialises in mortgage broking but also provides “tailored financial solutions such as life cover, income protection, investments, and pensions”, it said.
A spokeswoman for Aston Lark declined to comment on the deal metrics. However, industry sources have indicated the company, which will rebrand as Howden Ireland over the coming weeks, has agreed to pay €10 million plus the enterprise value for Finance Solutions.
The acquisition is subject to regulatory approval. Once it receives clearance, Aston Lark said Finance Solutions will complement SPF Private Clients, one of the largest independent mortgage brokers in the UK, which it acquired earlier this year. “Whilst Finance Solutions will sit within the Howden Ireland structure, they will work closely with SPF to develop their offering,” the company said.
Robert Kennedy, chief executive of Aston Lark, said the firm was a “fantastic addition” to the Howden Ireland stable. “Finance Solutions is a standout business in its sector, highly regarded as one of the best mortgage brokers in Ireland, and passionate about delivering the very best outcomes for clients.”
Mr Murray, founder and owner of Finance Solutions, said the deal would allow the firm to accelerate its growth.
Backed by Goldman Sachs, Aston Lark entered the market here in 2021, quickly snapping up as many 13 independent firms in its first 18 months. Goldman later sold the company to Howden for a reported €1.3 billion.
