Austbrokers network has announced the 50 per cent acquisition of of Queensland-based broker, LEA Insurance Brokers Pty Limited (LEA) and the transaction is expected to complete 1 May 2017.
LEA is a Gold Coast and Brisbane-based business founded in 1978 and has more than 4,000 clients across Australia, with a strong reputation among local small- to medium-sized enterprises and insurers.
Eric Gardner, retiring managing director, LEA, said, “Colin and I had been considering succession for a little while and, as part of that, we had been talking to AUB Group on and off for some time. This arrangement builds a clear strategy and path for the future of the business. AUB Group give us confidence that our staff and clients will be looked after. The timing is right for Colin and myself to significantly scale back our involvement, and we’re handing over to Troy and a capable leadership team.”
Fabian Pasquini, divisional chief executive, national partners and group acquisitions at AUB Group, said, “AUB Group is thrilled to be a part of LEA’s succession solution. We see significant future potential for the business and we look forward to working with Troy and the team as LEA moves into its next chapter. LEA will operate as a standalone partner business of AUB which now has fifty-one businesses across its broking network.
“Once again, AUB Group has shown that our capability to meet the needs of individuals and the business, together with our proven track record as a partner of choice, provides a compelling proposition for principals considering their future.”
Troy Jennings, incoming managing director, LEA, said, “I’m honoured to be given the opportunity to lead this fantastic business. We have some exciting opportunities ahead. Having AUB Group as a partner will provide additional growth opportunities for the business. AUB Group’s owner-driver model and partnership focus means we can maintain our formula for success and operate in our existing set-up with the added value of having AUB Group as a proactive partner.”
This latest acquisition adds to AUB Group’s, and the Austbrokers network’s expansion in 2017 with already, five bolt-on transactions across the Austbrokers network have been announced or completed.