HWL Ebsworth has advised Griffiths Goodall Insurance Brokers (GGIB) on the sale of its business to ASX listed broker, PSC Insurance Group Limited (PSC) for $48 million.
GGIB is a Shepparton based insurance broker established in 1989 which has grown to become one of the largest regional independent insurance brokers in Australia. GGIB is a well-diversified insurance broker with over 30 staff with particular expertise in commercial, industrial, transport, logistics, pleasure-craft, agri-risk and personal insurance.
The transaction involves cash and scrip in PSC, with some of the purchase consideration subject to adjustment under typical revenue related mechanisms.
The deal team was led by Brendan Earle and Kate McKeough with assistance from Shaun Cartoon, Peter Kay and Tim Frost.
HWL Ebsworth Partner Brendan Earle said: “We were delighted to advise the vendor on this strategic transaction which will see GGIB’s clients have greater access to global insurance providers and products to meet their individual needs. Having acted for the Whitbread family on the sale of Whitbread Insurance and Axis Underwriting to Steadfast in 2017, it was a real pleasure to follow-up with the sale of a significant regional insurance broker.”
Note to Editors:
HWL Ebsworth is the largest legal partnership in Australia according to the most recent partnership surveys published by The Australian and the Australian Financial Review and is the only commercial law firm with an office in every Australian State and Territory.
The firm comprises 1,349 staff including: 263 Partners, 724 other legal staff and 362 support staff across offices in nine locations – Adelaide, Brisbane, Canberra, Darwin, Melbourne, Hobart, Norwest (North West Sydney), Perth and Sydney.
HWL Ebsworth is an independent, nationally integrated, full service commercial law firm, providing tailored and commercially oriented legal services.
HWL Ebsworth operates a different business model to the other leading national law practices, and this allows us to offer unrivalled value for money without compromising quality and service. Our low ratio of solicitors to partners ensures that our clients receive optimal access to partner resources for all matters.
For further information, please contact:
Russell Mailler, National Marketing Manager (03) 8644 3569 or rmailler@hwle.com.au