Latest news with #MadisonDearbornPartners
Yahoo
02-07-2025
- Business
- Yahoo
Ardonagh secures $2.5bn equity investment at $14bn valuation
The Ardonagh Group, an independent insurance distribution platform, has completed a $2.5bn equity investment led by funds managed by Stone Point Capital, a US-based private equity firm. The investment, which values Ardonagh at $14bn, witnessed participation from co-investors associated with Stone Point, as well as Madison Dearborn Partners and HPS Investment Partners. The transaction was first announced in December 2024. Stone Point now holds a significant stake in Ardonagh, joining existing shareholders including Madison Dearborn Partners, HPS Investment Partners, and a wholly owned subsidiary of the Abu Dhabi Investment Authority. Stone Point co-CEO Jim Carey said: 'We are excited to partner with Ardonagh, as well as with MDP, HPS and ADIA. Ardonagh has distinguished itself as a leading platform in the global insurance distribution industry, and we believe that the company is well-positioned for continued growth.' Ardonagh, which was founded in 2017 through the amalgamation of various UK insurance entities, has grown into a global broking group, placing $18bn of premiums annually. The group has completed 68 acquisitions in the past year, including the merger with Markerstudy's personal lines business and the take-private of PSC Insurance Group in Australia. David Ross, CEO of The Ardonagh Group, said: 'Stone Point's investment and the success of the co-investment process stand together as a resounding endorsement of Ardonagh. Amid a backdrop of global economic uncertainty, our unique proposition, track record and global platform attracted world-class investors who share our vision.' The group's capital structure was recently simplified via a refinancing in February 2025, followed by the launch of in March 2025, an initiative aimed at integrating machine learning and data enrichment into its operations. "Ardonagh secures $2.5bn equity investment at $14bn valuation " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Reuters
16-06-2025
- Business
- Reuters
MoneyGram settles with New York over money transfers after US CFPB quits case
NEW YORK, June 16 (Reuters) - MoneyGram agreed to pay a $250,000 fine to settle a New York state lawsuit over its remittance transfers, two months after the U.S. Consumer Financial Protection Bureau withdrew from the civil case. The accord announced on Monday by New York Attorney General Letitia James resolves claims that MoneyGram repeatedly violated a 2013 federal rule designed to make it easier for people to send money to friends and family outside the country. Remittance transfers let people in the United States send money electronically to people in other countries. In the April 2022 lawsuit, James said MoneyGram repeatedly let recipients wait too long for their money, kept senders in the dark about when transfers would be made, and failed to properly address complaints. MoneyGram did not admit or deny wrongdoing in agreeing to the settlement, which was filed in federal court in Manhattan. The settlement also requires clear disclosures about how MoneyGram investigates errors and that customers are not liable. Dallas-based MoneyGram was purchased in 2023 by private equity firm Madison Dearborn Partners. 'We are pleased to bring full closure to this legacy matter, which dates back years and involved no harm to consumers," MoneyGram general counsel Cory Feinberg said in a statement. In announcing its April 7 withdrawal from the case, the CFPB said its new leadership "provided the direction" and that its decision was supported by "principles of justice and fairness." The CFPB since January has abandoned much of its enforcement activity as the Trump administration tries to gut the agency, including by firing most employees.
Yahoo
02-05-2025
- Business
- Yahoo
IPL and Schoeller Allibert join forces to form $1.4bn packaging company
IPL, a manufacturer of rigid plastic products, and Schoeller Allibert, a manufacturer of reusable transport packaging, have announced a merger that will create a global company focused on reusable plastic packaging. IPL's existing shareholders will own a 55% stake in the newly formed company while the remaining 45% stake will be held by the existing Schoeller Allibert shareholders. IPL CEO Alan Walsh said: 'The future of packaging lies in sustainability, innovation and adaptability. This merger will allow IPL and Schoeller Allibert to combine our strengths on both sides of the Atlantic to meet that future together. 'With an unwavering commitment to innovation, we'll not only enhance the way we serve our customers but also optimise the skill sets of both companies to build a strong, resilient foundation for growth.' The combined business will operate 27 manufacturing sites across North America, the UK, and mainland Europe, with a combined pro-forma annual revenue of over $1.4bn in 2024. IPL, based in Dublin, Republic of Ireland, produces rigid plastic items primarily used in food, environmental, agricultural, and consumer applications. The company operates 16 sites and employs around 2,500 people, with much of its business concentrated in North America. Its revenue for 2024 was reported at $822m. On the other hand, Schoeller Allibert, headquartered in Hoofddorp, Netherlands, specialises in returnable transport packaging for sectors such as automotive, retail, food, and healthcare. Its operations are mainly based in continental Europe, with 11 production facilities and roughly 1,600 employees. The company recorded revenue of €550m ($621m) in 2024. The newly merged entity will be based in Dublin and led by IPL's Walsh. Completion of the transaction is targeted for the third quarter (Q3) of 2025, subject to regulatory and customary approvals. No additional terms of the agreement were disclosed. US-based private equity company Madison Dearborn Partners and global investment group CDPQ own IPL. Meanwhile, Brookfield Asset Management's private equity business and the Schoeller family own Schoeller Allibert. Schoeller Allibert CEO Alejandro Cabal Uribe said: 'Our combined strength in packaging solutions is well-positioned to benefit from the tailwinds for the sector, driven by corporate sustainability ambitions and evolving regulations to improve value chains and reduce the environmental impact of packaging waste. 'We look forward to together delivering leading customer service and innovative global solutions.' "IPL and Schoeller Allibert join forces to form $1.4bn packaging company" was originally created and published by Packaging Gateway, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
01-05-2025
- Business
- Yahoo
IPL and Schoeller Allibert join forces to form $1.4bn packaging company
IPL, a manufacturer of rigid plastic products, and Schoeller Allibert, a manufacturer of reusable transport packaging, have announced a merger that will create a global company focused on reusable plastic packaging. IPL's existing shareholders will own a 55% stake in the newly formed company while the remaining 45% stake will be held by the existing Schoeller Allibert shareholders. IPL CEO Alan Walsh said: 'The future of packaging lies in sustainability, innovation and adaptability. This merger will allow IPL and Schoeller Allibert to combine our strengths on both sides of the Atlantic to meet that future together. 'With an unwavering commitment to innovation, we'll not only enhance the way we serve our customers but also optimise the skill sets of both companies to build a strong, resilient foundation for growth.' The combined business will operate 27 manufacturing sites across North America, the UK, and mainland Europe, with a combined pro-forma annual revenue of over $1.4bn in 2024. IPL, based in Dublin, Republic of Ireland, produces rigid plastic items primarily used in food, environmental, agricultural, and consumer applications. The company operates 16 sites and employs around 2,500 people, with much of its business concentrated in North America. Its revenue for 2024 was reported at $822m. On the other hand, Schoeller Allibert, headquartered in Hoofddorp, Netherlands, specialises in returnable transport packaging for sectors such as automotive, retail, food, and healthcare. Its operations are mainly based in continental Europe, with 11 production facilities and roughly 1,600 employees. The company recorded revenue of €550m ($621m) in 2024. The newly merged entity will be based in Dublin and led by IPL's Walsh. Completion of the transaction is targeted for the third quarter (Q3) of 2025, subject to regulatory and customary approvals. No additional terms of the agreement were disclosed. US-based private equity company Madison Dearborn Partners and global investment group CDPQ own IPL. Meanwhile, Brookfield Asset Management's private equity business and the Schoeller family own Schoeller Allibert. Schoeller Allibert CEO Alejandro Cabal Uribe said: 'Our combined strength in packaging solutions is well-positioned to benefit from the tailwinds for the sector, driven by corporate sustainability ambitions and evolving regulations to improve value chains and reduce the environmental impact of packaging waste. 'We look forward to together delivering leading customer service and innovative global solutions.' "IPL and Schoeller Allibert join forces to form $1.4bn packaging company" was originally created and published by Packaging Gateway, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
25-03-2025
- Business
- Yahoo
Ardonagh Set to Raise Up to $2.5 Billion to Fuel Expansion Spree
(Bloomberg) -- Ardonagh Group Ltd. is nearing a deal to raise as much as $2.5 billion from investors to help fuel the private equity-backed insurance broker's rapid growth. They Built a Secret Apartment in a Mall. Now the Mall Is Dying. Why Did the Government Declare War on My Adorable Tiny Truck? Chicago Transit Faces 'Doomsday Scenario,' Regional Agency Says LA Faces $1 Billion Budget Hole, Warns of Thousands of Layoffs Trump Slashed International Aid. Geneva Is Feeling the Impact. The London-based firm is expected to close the capital-raise this summer in an oversubscribed process, according to people with knowledge of the matter. The proceeds will be used to fund growth opportunities including potential acquisitions, the people added, asking not to be identified as the fundraising is not public. The funding round comes after PE firm Stone Point Capital agreed to invest in the business in December in a transaction that valued the company at about $14 billion. A representative for Ardonagh, which is majority-owned by Madison Dearborn Partners, declined to comment. Ardonagh's rapid ascent represents a dramatic change in fortunes for a business that rose from the ashes of Towergate, an insurance broker rescued by creditor HPS Investment Partners after a debt fueled M&A splurge. In 2017, Towergate merged with three other insurance brokers and services businesses to form Ardonagh. With the help of backers Madison Dearborn Partners, and later the Abu Dhabi Investment Authority, it has become one of the industry's biggest players under Chief Executive Officer David Ross. Ardonagh has already bought a string of assets in markets including Brazil, Spain and Italy. Last year, it purchased Australia's PSC Insurance Group for an implied equity value of A$2.3 billion ($1.5 billion), taking it private and combining it with its Envest business. Google Is Searching for an Answer to ChatGPT The Richest Americans Kept the Economy Booming. What Happens When They Stop Spending? A New 'China Shock' Is Destroying Jobs Around the World How TD Became America's Most Convenient Bank for Money Launderers Tesla's Gamble on MAGA Customers Won't Work ©2025 Bloomberg L.P. Sign in to access your portfolio
