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Ahead of the deal, Ergo owned a 29% stake in Next, which generated top line of $548mn last year. -
Evercore has reached out to a combination of strategics and private equity houses.
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The UK retail distribution firm is run by former Stackhouse Poland CEO Tim Johnson.
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Brokers and service providers dominated transaction activity.
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A rebound is expected this year, however, led by strong US activity.
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The company said it now expects the transaction to close in H2 2025.
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Andrew Johnson, Edwina Charlton and Rupert Newman join from Paragon.
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The California broker’s pro forma revenue for full year 2024 was $268mn.
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The two Asian companies wrote $265mn net premiums in 2024.
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Some firms are broadening their M&A net in light of PE firms showing more restrained appetite for intermediaries.
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PIB’s broadened sale process is symptomatic of wider investor sentiment around brokers.
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This was Ryan’s second-largest 2024 deal, after its $1.4bn Assure purchase.
