Dublin, 13 October 2021: INNOVU Group Holding Company Ltd. (“INNOVU Group”) today announces the acquisition of P.E. Kelly Insurances Ltd. (“P.E. Kelly Insurances”).
This is the fifth acquisition by the INNOVU Group in the past two years, having previously acquired Sheridan Insurances, Wexford Insurances (now INNOVU Insurance) in 2019 and both Goggin Insurance and Cullen Insurances earlier this year. The combined business will generate gross written premium of circa €67m in 2021.
P.E. Kelly Insurances has been providing General Insurance Services under the stewardship of Pat Kelly and staff since 1985. The business has built a strong reputation for providing affordable and bespoke insurance solutions, risk and claims management for their clients. As part of the transaction, Managing Director, Pat Kelly, and Director, Jack Kelly, will become shareholders in the enlarged INNOVU Group.
With several other acquisitions under active consideration, INNOVU Group will continue to expand its insurance presence and service offering in Ireland, supported by private equity investment firm, MML Growth Capital Partners Ireland (“MML”).
Following this acquisition, INNOVU Group will employ over 140 insurance professionals nationwide.
Ronan Foley, CEO of INNOVU Group commented:
“I’m absolutely delighted Pat, Jack and the team at P.E. Kelly Insurances will be joining INNOVU. This is a great business with a well-established history in professional broking since 1985. This addition to the Group recognises our continued expansion in the South East and complements our overall national strategy”
“As the market continues to consolidate at pace, our ability to aid in the scaling of smaller brokers while centralising much of their human resources, compliance and administration work demonstrates why the INNOVU Group should be considered the independent broker of choice in Ireland.
“We remain on the lookout for opportunities and will pursue acquisitions which we feel are a right fit for the Group while also continuing to also grow the business organically. Our ambition is to generate €100m gross written premium by the end of 2022 as we solidify our position as a top-tier broker.”
Pat Kelly Managing Director of P.E. Kelly Insurances:
“We are delighted to join the INNOVU Group. INNOVU is an ambitious company which represents an exciting opportunity for us to enhance our service and product offerings. The Group is already established in the South East and we are delighted to support in further strengthening its foothold in the region. It is business as usual for our customers and they will continue to be supported by our excellent team in Enniscorthy”.
Shane Cooke, Investment Director at MML said:
“MML have a history and track record of supporting indigenous Irish businesses. We are delighted to continue to support the INNOVU Group on its continued growth and expansion journey. P.E Kelly Insurances is the INNOVU Group’s fifth acquisition, represents a strong strategic and cultural fit and strengthens the INNOVU Group’s overall position in the Irish market.”
Brian Duncan – Associate Director – AIB Corporate Banking
“AIB Corporate Banking is delighted to support MML Growth Capital Partners Ireland and INNOVU through their recent acquisition of P.E. Kelly Insurances, and continues to support them as they expand their insurance presence and service offering in Ireland. AIB wishes the combined group continued success in the next chapter of their journey”
McCann Fitzgerald acted as legal advisers to INNOVU Group while Enda Newton of Eversheds Sutherland Solicitors acted for P.E. Kelly Insurances. PWC provided financial and tax due diligence for INNOVU. Nolan & Partners acted as corporate advisors to P.E. Kelly Insurances.