AJ Gallagher
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Supply generally exceeded demand and trading relationships were strong, CEO Tom Wakefield said. -
Sonville’s hire was reported by Insurance Insider US last week.
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Sources said the executive will join AJ Gallagher in a regional leadership position.
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The pair will lead crisis management and financial lines, respectively.
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Some will play “pretend and extend”, but others will sell to strategics or take the steep climb to an IPO.
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The deal is financially attractive, but risks diluting the jewel that is Gallagher’s US mid-market business.
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The executive said the combined entity could execute 100-110 tuck-in M&A deals a year.
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The deal represents a 14.3x Ebitda multiple and strengthens Gallagher’s mid-market position.
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The deal dramatizes the jammed PE deals conveyor, with the playing field tilted towards strategics.
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If the deal is finalized, it will represent the largest in the acquirer’s history.
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The firm’s trajectory could, however, make it harder to meet guidance going forward.
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Earlier this month this publication revealed that the brokerages were in advanced talks to secure a deal.
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