Sovereign Capital Partners’ backed company, Arachas Corporate Brokers (Arachas), has acquired Murray & Spelman.
This is the fourth acquisition that fast growing commercial lines broker Arachas has made, since Sovereign backed the management buy-out of the business in July 2017, and secures Arachas’ position as the largest independent broking group in Ireland.
Completion is subject to regulatory approval from the Central Bank of Ireland.
Murray & Spelman is a long-established broker of high-quality commercial and personal insurance. The acquisition of the Galway-based broker brings substantial additional scale to the Arachas Group, which already employs about 230 staff in centres at Dublin, Waterford and Cork.
The deal expands the Arachas footprint in the West of Ireland, which is a fast-expanding commercial area, offering much lower office rents, wage rates and other costs when compared to Dublin.
The Murray & Spelman transaction follows the Group’s successful acquisitions of Capital Cover Group, Kidd Insurance and Covercentre since Sovereign’s investment.
Alex Hay, Partner, Sovereign, says: “Murray & Spelman is one of Ireland’s most successful and respected broker businesses and a fantastic addition to the Group. Arachas has been delivering strong growth over the last 2 years; the extension into Galway adds significant geographical coverage and further opportunities for organic growth. We are delighted to be supporting CEO Conor Brennan and the team, as Arachas further strengthens its market leading position in the Irish market.”
Conor Brennan, CEO of Arachas, says: “This is a great time for Arachas as the Group continues its drive for growth and expansion. Murray & Spelman is a strong strategic fit for Arachas and we share similar ambitions, values, together with a culture of high professional standards. We continue to look for opportunities to develop the Group both organically and through continuing to be the acquirer of choice in the exciting Irish insurance market.”