Ardonagh to enter consolidation phase in retail

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Ardonagh will hit pause on further major retail acquisitions as it consolidates its current assets.

The private equity-backed group said that while it would remain ‘alive’ to opportunities, the acquisition of Swinton would be its last major deal for the near future.

Ardonagh bought Swinton for £165m yesterday, bringing to a close a series of acquisitions.

The group bought Healthy Pets in September last year, followed by Mastercover and Carole Nash in October. The business has been linked in recent months to acquisitions of both Nexus and Bennetts.

Following the Swinton deal, CEO David Ross said – at least on retail – the group would consolidate its businesses.

“If you look at the makeup of our business, it’s time to consolidate what we’ve built,” he said.

“If opportunities arise of course we will be alive to them, but I don’t think you can expect us to attract loads of headlines next year.

“If something comes up in the MGA space we’ll look at it. But if it comes up in the retail space we’ll probably say we’ve got stuff to be doing.”

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