Member Article

London insurance provider acquires aviation specialist Hayward in £27 million deal

London-based insurance provider Jardine Lloyd Thompson Group plc has agreed to acquire Maidstone’s Hayward Aviation Ltd for a cash consideration of £27 million.

Hayward Aviation, which is currently a subsidiary of Maidstone-based Towergate Insurance Ltd, is aspecialist aviation insurance broker that arranges insurance for regional airlines, small commercial fleets of fixed wing aircraft and helicopters.

For the year ended 31 December 2013, the business generated revenues of £10 million and profit before tax of £3 million.

The acquisition will be financed from JLT’s cash resources and debt, and is expected to be earnings accretive in the first full year following completion.

Dominic Burke, group chief executive of JLT, said: “This acquisition provides a unique opportunity to bring together one of the best General Aviation brokers in the world with JLT’s market-leading Aerospace capabilities and international network to create a strong platform for growth in one of our core areas of specialisation.

“We have long admired Hayward Aviation and are delighted to welcome the team and their clients to JLT.”

Guy Holland-Bosworth, Chief Executive of Hayward Aviation, said: “JLT offers our clients and our people a fantastic opportunity to join a company that shares our specialty-focused strategy and our client-first and entrepreneurial culture. As part of JLT, we are now able to fulfil our ambition of building a truly global General Aviation business.”

The acquisition is subject to regulatory approvals and other formalities and is expected to complete in early 2015.

This was posted in Bdaily's Members' News section by Ellen Forster .