American insurance broker Gallagher is set to acquire insurance broker and adviser Heath Lambert in an all cash deal.
After the £97 million deal, chief executive of Heath Lambert – Adrian Colosso will head the UK operations and will be reporting to Gallagher International’s chief executive David Ross. For Gallagher, the deal is expected to break-even in 2011 itself and is expected to generate EBITDAC of £12 million in 2012. Gallagher expects the UK operations to contribute EBITDAC of £20 million in 2013.
“This acquisition represents an important strategic move for our company”, said Patrick Gallagher of Gallagher Inc.
“Since 1974, we’ve been in London primarily as a wholesale broker. Now, Heath Lambert offers us an excellent opportunity to become a large retail broker in one of the best insurance markets in the world. Their highly-skilled team shares our culture, and their complementary product and service capabilities are an excellent fit with our U.S. and expanding international retail operations. I’m extremely pleased to welcome all of the talented Heath Lambert associates to our Gallagher family of professionals”, he went on to add.
“Gallagher is the perfect match for our employees and customers. Gallagher’s dedication to excellence complements Heath Lambert’s strong, well-respected and customer-oriented retail operations. Together, we will continue to deliver outstanding insurance brokerage services to the U.K. market”, said Adrian Colosso, chief executive of Heath Lambert.
“Heath Lambert provides us with a solid platform to grow our broker ranks through targeted recruitments and additional mergers”, said chief executive David Ross of Gallagher UK.