INNOVU Insurance is a national insurance broker with a balance of personal and commercial lines of business.
The insurance broking sector was one which MML Ireland had been investigating alongside Ronan Foley, a seasoned CEO with 30 years industry experience. The market was large and fragmented with clear consolidator drivers. MML Ireland were introduced to Sheridan Insurances, a second generation broker with a strong market presence, whose shareholders were seeking to realise value. MML Ireland were able to offer an alternative to a trade sale, bringing in Ronan as CEO and using the business as a platform for consolidation. MML Ireland invested for a majority stake allowing the Sheridan brothers to realise part of their investment whilst rolling a material amount alongside MML Ireland. The business has gone on to acquire a further four brokers, significantly increasing in scale and has rebranded as INNOVU Insurance.
Location: Ireland, The Borough District of Wexford, Wexford
Investors 1
| Date | Name | Website |
| - | MML Growth... | mmlcapital... |
Mentions in press and media 1
| Date | Title | Description | Source |
| 24.06.2022 | Ronan Foley flips broker consolidator Innovu to Gallagher | Ronan Foley, who established Innovu Insurance in 2018 with backing for MML Growth Capital to consoli... | businesspl... |