The business has increased its spending pot as market speculation grows around its interest in Swinton.
Ardonagh Group has raised a further £98.3m in order to repay debt and further invest in the business.
The finance boost comes as Ardonagh was linked to a potential sale of Swinton which is believed to be on the market for around £400m.
Experts have suggested that Ardonagh had previously considered making a move on Swinton and is still open to the idea.
The business has made a number of deals since it re-branded as Ardonagh including £7m for selected renewal right from Ageas Retail and its buy of motorcycle broker Carole Nash valued at between £60-65m which was rolled into the Autonet part of the business.
Indeed, sources have stated that Autonet with its North West base and personal lines focus could be a good fit for Swinton if Ardonagh does swoop on the broker.
According to a statement this month on the Towegate-owner’s website the £98.3m will be used for further investment in the business, general corporate purposes and repayment of indebtedness.
Momentum
David Ross, CEO of The Ardonagh Group commented: “This endorsement of both our strategy and pace of execution is testament to 6,000 employees across the group who are driving the momentum behind our leading brands and businesses.
“Almost a year after the creation of Ardonagh, we find ourselves owning and creating real opportunities to drive growth from this unique platform which continues to attract investment and market leading talent.”
Ross has previously suggested that Ardonagh is looking at deals valued at up to £500m with 50 different transactions including whole companies and books of business in his sights.
The statement regarding the £98.3m explained that the business has “secured commitment to purchase £98.3m in aggregate principal amount of its 8.235% senior secured note due 2023. The new notes will be fungible with the group’s existing GBP 8.325% senior secured notes due 2023”.
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