TA Associates, a global growth private equity firm, has signed a definitive agreement to make a strategic growth investment in Honan Insurance Group, an Australia-headquartered commercial insurance broker.
In a statement, TA Associates says that Honan’s Group CEO and executive director Damien Honan, CEO Andrew Fluitsma, and COO Laurence Basell will continue to lead the business and be shareholders alongside TA. Financial terms of the transaction were not disclosed.
Honan designs, prices and negotiates insurance policies on behalf of corporate clients. The company’s main verticals are in the corporate, strata, real estate and employee benefits markets, primarily in Australia, New Zealand and Southeast Asia. Honan has more than 200 employees in seven offices and is part of the World Broker Network, a global network of independent insurance brokers and risk advisors. The company was founded in 1964 and is headquartered in Melbourne. Honan has grown revenue at a CAGR of approximately 17% over the last 19 years.
The transaction is expected to close in the second half of 2020, pending customary regulatory approvals and closing conditions. TA Associates’ statement does not provide details of the stake it is acquiring nor the value of the deal.