Synova backs high net worth insurance firm

Caitlin Morrison
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INSURANCE broker Stackhouse Poland has been sold to its management for an undisclosed sum, using funding from private equity firm Synova Capital.

The investor bought its stake from sales and marketing director Keith Hester. Bank debt finance for the transaction was provided by Lloyds Bank.

Stackhouse, which specialises in insurance for high net worth individuals, will continue to be run by its remaining directors, executive chairman Jeremy Cary, head of private clients James Agnew and chief executive Tim Johnson.

Cary commented: “Our agenda from the off was to retain control of the business within the management team, facilitate the exit of our fellow shareholder Keith Hester on favourable terms and at the same time provide the group with the necessary fire power to maintain the forward momentum enjoyed in recent years. I do believe we are now ready for the next chapter.”

Alex Bowden, a partner at Synova, said: “We are delighted to be partnering with Jeremy, James, Tim and their team as they build one of the leading private client and specialist commercial lines brokers.”