MML Growth Capital Partners Ireland has agreed a deal to sell INNOVU Insurance to Gallagher, the global insurance broker, risk management and consulting firm, for an undisclosed sum.
Gallagher is buying 100% of the shareholding in INNOVU from MML Ireland, a number of private shareholders and the company's management.
INNOVU Insurance was established in 2018 by its CEO Ronan Foley in partnership with MML Ireland to acquire Sheridan Insurances, a generalist broker.
The company has a strong record of successful merger and acquisitions and since 2019 has gone on to buy four further Irish brokers.
INNOVU now employs 135 staff and offers a range of commercial and personal insurance products, plus financial services, serving a customer base of 45,000 across Ireland.
Headquartered in Wexford, it also has offices in Dublin, Kilkenny, Limerick, Tipperary and Kerry.
INNOVU's commercial lines business include a diverse range of industry sectors and products include commercial combined, commercial motor, combined liability, fleet, equestrian, and commercial property.
Its personal lines products include motor, household, travel and high-net-worth and its financial services offering includes pensions, protection, life and illness, savings, and investments.
Gallagher already has an extensive branch network across the UK and the acquisition of INNOVU is its first on-the-ground presence in Ireland.
Ronan Foley will continue to lead the business as CEO of Gallagher in Ireland, supported by his existing team.
Mr Foley said that MML Ireland has been a highly supportive partner for the company, backing him and its management team at every stage.
"Their guidance has been invaluable throughout. In particular, their support in facilitating acquisitions, support in building out the senior management team and their commitment and investment into people and systems has been pivotal to INNOVU's success," the CEO added.
Michael Rea, CEO of Gallagher's Retail Division, UK & Ireland, said the acquisition of INNOVU Insurance provides the perfect launch-pad into Ireland.
"I have been keen to establish a Gallagher presence in Ireland, and the impressive speed at which the business has grown and proven itself over the last four years is testament to the entrepreneurial spirit and innovative approach of its leadership team," Mr Rea said.
"As with any acquisition, having similar minded cultures is critical and I am very much looking forward to working with Ronan and the team to further develop the business." he added.
Gallagher is the brand name of Arthur J Gallagher & Co, which is headquartered in Rolling Meadows in Illinois and has operations in 68 countries.
In the UK, Gallagher has more than 5,000 employees specialising in risk management, and insurance solutions, for corporate, commercial and personal customers.
