U.K. insurance broker Aston Lark Ltd. is looking to launch a sales process in 2019 and has tapped investment bank Macquarie and advisory firm Livingstone to run it, The Insurance Insider reported.
CEO Peter Blanc told the publication that the timing of the completion of any sale would hinge on bidders' appetite, and that he would prefer a private equity investor willing to provide the same level of support as it gets from current majority owner Bowmark. This would allow a continuation of the Aston Lark brand and its inorganic growth strategy, he noted.
Sources told the publication that only private equity firms were likely to be invited to bid. Blanc also said the door remains open to Bowmark's remaining as a co-investor, despite market chatter that it would exit entirely.
Bowmark owns about 55% of Aston Lark's equity, although has control of more of the company when considering loan notes, the Insider noted. Blanc said management will maintain their existing stakes however the sale process ends.