PKF Supports Goggin Insurance Brokers on Recent Merger with Innovu
Innovu Group Holding Company Ltd (INNOVU Group) today June 2nd, 2021 is pleased to announce the acquisition of Goggin Insurance Brokers Ltd (Goggin Insurance).
Established by Aidan and Anne Goggin in 1980, Goggin Insurance is a leading independent insurance broker with offices in Newcastle West and Listowel. Led by Darragh Goggin, it has built a strong reputation among its Corporate, SME and Personal customers over its 40-year history. As part of the transaction, Darragh will become a shareholder in the enlarged INNOVU Group.
This investment represents the third acquisition by the INNOVU Group having previously acquired Sheridan Insurances and Wexford Insurances in 2019. With a number of other acquisitions under consideration, INNOVU Group continues to expand its insurance presence and service offering in Ireland, supported by private equity firm MML Growth Capital Partners Ireland (MML).
Ronan Foley, CEO of INNOVU Group commented:
“I’m delighted that Darragh and the team at Goggin Insurance will be joining forces with INNOVU. It’s an incredibly important strategic step for us as we continue to grow our insurance presence in Ireland through targeted investment in strong independent brokers. Goggin Insurance is a fantastic business with a dedicated team and a strong customer focus. It will play a key role within the INNOVU Group as we continue building scale through organic and acquisition led expansion.
Having acquired Sheridan Insurances and Wexford Insurances, we felt that Goggin Insurance would form a great cultural and business fit. We look forward to working with Darragh and the team, growing the business as a key strategic hub for us in Munster, and building on Goggin Insurance’s long standing success in providing the very best in customer service, insurance solutions and expert advice.”
Darragh Goggin, Goggin Insurance CEO said:
“We are delighted to join the INNOUV Group. They share our belief in delivering market leading and cost driven insurance solutions to clients. Goggin Insurance staff will remain in place and can now share and enjoy the benefits of an enhanced product range, additional expertise, wider career opportunities and the benefits of being part of a larger group. We would also like to take this opportunity to thank our staff and clients for their continued support. We look forward, as part of the INNOVU Group to building on and further enhancing our service and product offering to clients.”
Following this news, INNOVU Group will employ over 120 insurance professionals.
Shane Cooke, Investment Director at MML said: “. MML are delighted to support INNOVU Group with this transaction. Goggin Insurance is a strong business with a proud heritage led by an experienced team and is a perfect strategic fit. We intend to invest further to support the overall business to help it accelerate its growth plans with further acquisitions planned in the near term.”
The deal was supported with bank debt from AIB Corporate Banking. “AIB Corporate Banking are delighted to have supported INNOVU Group on their recent acquisition of Goggin Insurance. We wish, Ronan, Paul and the team the very best for the future in what is a very exciting time for the business.” Brian Duncan – Associate Director Corporate Banking
McCann Fitzgerald acted as legal advisers to INNOVU Group while Holmes O’Malley Sexton Solicitors acted for Goggin Insurance. Deloitte and PWC provided financial and tax due diligence. PKF O’Connor, Leddy & Holmes Limited acted as corporate advisors to Goggin Insurance.
About INNOVU Group:
Innovu Group Holding Company Ltd. is the owner of Sheridan Insurances, a leading insurance broker focused on corporate, SME and personal customers through offices in Dublin, Kilkenny, and Wexford. Innovu acquired Sheridan Insurances and Wexford Insurances in 2019 following a significant investment from MML Growth Capital Partners Ireland to facilitate the development and growth of the business and to participate in the consolidation of the market. INNOVU Group brings together leading insurance brokers to build scale through organic growth, acquisition led investment and the delivery of market leading solutions for customers through innovative use of technology, close collaboration with insurers and an ambition to become one of the largest independent broking presences in Ireland.
About Goggin Insurance Brokers:
Goggin Insurance is a leading insurance brokerage based in Newcastle West and Listowel. It has built a strong reputation among its Corporate, SME and Personal customers throughout Ireland. From small beginnings in Foynes, Co. Limerick in 1980, Goggin Insurance Brokers have grown to become a leading provider of insurance services in the mid-west and beyond.
About MML Growth Capital Partners Ireland:
MML Growth Capital Partners Ireland is an Irish private equity firm with €270m of assets under management which is dedicated to backing ambitious founders and managers of small and medium-sized private businesses with a significant presence on the Island of Ireland to reach the next stage of their evolution, maximising growth opportunities at home and abroad. It provides capital to businesses for expansions, acquisitions, shareholder reorganisations, recapitalisations and management buyouts. MML creates bespoke deals in response to unique opportunities, recognising that while the challenges facing businesses are sometimes similar, the specific details are never the same.