British Ardonac announced this Friday that its subsidiary Ardonac Overseas Investments Limited has completed the acquisition of MDS Group. The procurement process was announced in December 2021. In a statement to CMVM, Soane said it will receive €104 million in cash, a capital gain of €79 million on its 50% holding in MDS.
The MDS Group, according to a published statement, will become part of Ardonagh Global Partners, “launched in January 2021 to invest in leading companies and their management teams around the world and, as a result, support their growth ambitions”.
The management team, headed by MDS Group’s global CEO Jose Manuel Fonseca, will “continue to lead the growth program across all MDS territories,” it said.
Jose Manuel Fonseca, quoted in the report, said, “Today’s announcement marks a new and exciting chapter in the life of the MDS Group. We see in Ardonac and its leadership team the perfect match for our vision and growth ambitions”.
“With access to critical resources of Ardonac’s size and scale and the expertise, technology and capital that goes with it, I am confident that MDS is even stronger today,” he added.
Founded 35 years ago, the MDS Group has its headquarters in Porto and 13 locations in Lisbon and Portugal, apart from Angola, Mozambique, Spain, Switzerland and Malta, it has offices in Brazil and is Lloyd’s only Portuguese broker. It employs more than 1,000 people, managing insurance premiums of more than 900 million euros annually, with 1.2 million private and commercial customers.
Also quoted in the report, Des O’Connor, CEO of Ardonagh Global Partners, said, “MDS Group wishes to bring more resources and capital to support making its business stronger and continue to take full advantage of rapid growth and evolving markets and economies”.
The Ardonagh Group is one of the world’s leading independent insurance distribution platforms, with a presence in over 150 locations and over 9,000 employees.
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