The Ardonagh Group is to purchase Altrincham-based motorcycle insurance broker Carole Nash for a fee which could reportedly reach up to £65 million.
Ardonagh, which was formed earlier this year, is the UK’s biggest independent insurance broker employing over 5,000 people across the country.
The group was founded in May, bringing together leading insurance brands Autonet, Towergate, Chase Templeton, Direct Group and Price Forbes under common ownership.
Following the acquisition, Carole Nash will join Autonet, a leading van insurance broker employing over 650 people across offices in Stoke-on-Trent and Manchester.
Carole Nash is the largest motorcycle insurance broker in the UK, employing 400 people at its headquarters in South Manchester and a further 30 in Dublin.
The company, which was founded by Carole Nash OBE in 1985, reported income approaching £29m last year.
David Ross, CEO of The Ardonagh Group, says: “Carole Nash is not only a pre-eminent brand and market leader; it’s also a hugely successful business in the North West and a significant employer in the region.
“We have admired the business for a long time and are really happy to be welcoming them into the fold as another hugely important addition to The Ardonagh Group family.”
David Newman, CEO of Carole Nash, adds: “As a management team, our plans to keep building our brand and market share mean we have been looking for a home where we can build on the reputation we have fostered over many years, ensuring longevity of our much-admired service and expertise.”