Macquarie makes ‘substantial’ investment in Envest
Ardonagh-owned Envest Group says it has secured a “substantial” investment from Macquarie Group to further grow its presence in the Australian insurance distribution sector.
Envest is a private insurance investment and distribution group and its portfolio includes broking networks, Aviso Group and Resilium, and 16 independent insurance agencies.
The investment from Macquarie Capital Principal Finance gives it a 15% stake in Envest and values the Ardonagh business at more than $1 billion.
“We have the best of both worlds, with backing from Ardonagh and Macquarie Capital Principal Finance which is going to be a significant strategic partner for both us and Ardonagh in Australia,” Envest CEO Greg Mullins said.
“We offer a real alternative to listed players and an owner-driver culture that resonates strongly with the industry and our business partners.
“We like to back insurance businesses that have strong relationships with their customers and will be helping them drive value through our scale, network and operational support.”
Envest says its combined portfolio writes more than $1.7 billion in gross written premiums annually.
Macquarie Capital Principal Finance MD Richard Turner says Envest represented a unique investment opportunity, with combined strengths of cultural alignment within its distribution platform and strong earnings growth and shareholder returns.
“Macquarie Capital Principal Finance has been part of the Envest journey since 2020 and looks forward to continuing to back Envest’s strong growth,” Mr Turner said.
Ardonagh Chief Investment Officer Aurelio Cusaro says the business is “delighted to welcome Macquarie back as a strategic partner and investor in Envest”.
“Macquarie was an exceptional counterparty during our acquisition of Envest earlier this year, and when the opportunity arose for them to invest back into the business, we saw this as a great development given their unparalleled market position in Australia and long-standing relationship with our Australian colleagues.”
Ardonagh acquired Envest in February this year for $482 million.