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Arthur J. Gallagher to acquire UK-based insurance broker

Arthur J. Gallagher & Co. agreed to acquire U.K.-based insurance broker Stackhouse Poland Group Ltd. from Synova Capital.

The transaction is subject to regulatory approval and is expected to close in the first quarter.

Stackhouse Poland operates 23 offices in the U.K. with more than 500 employees, and has insurance divisions for high-net-worth private clients, real estate, commercial and healthcare, among others. It generates more than £55 million in annualized revenues, Arthur J. Gallagher said.

Stackhouse has announced four acquisitions since October 2018, most recently saying Jan. 2 that it acquired specialist medical indemnity broking firm Foley Healthcare Ltd. d/b/a Bespoke Medical Indemnity.

Arthur J. Gallagher provided no financial details for the transaction, although The Insurance Insider reported in December that a takeover could be valued at 15x Stackhouse's EBITDA of roughly £20 million, indicating a potential purchase price of £300 million. Synova Capital, which invested in Stackhouse as part of a management buyout in late 2014, said the sale would generate 5.6x invested capital and an internal rate of return of 52%.