Financial services group IFG has bought 70% of Dublin-based insurance broker ARB Underwriting Limited and its wholly owned subsidiary AR Brassington & Co.
The deal is worth €500,000, with IFG buying shares worth just over €52,000 and putting almost €448,000 in capital into ARB.
'The investment in ARB gives equity and also dividend and voting rights for 70% of the acquired business,' IFG said. It added that its entitlements to the proceeds from a future sale of the ARB business increase to 70% over a five-year period.
In the year to September 30 2010, ARB had turnover of almost €3m and pre-tax profits of just under €480,000.
