A major company with a Lancashire site has been bought out in a £199 million deal.
Arthur J. Gallagher has aquired The Oval Group in move which it says will lead to expansion.
As part of the transaction, both Oval Healthcare and Oval Financial Services businesses will become part of the UK-based specialist consultancy Arthur J. Gallagher Employee Benefits, led by CEO Tim Johnson.
Twenty-eight people are currently employed at Oval’s site in the Whitehills business park near Lytham St Annes.
The combined Arthur J. Gallagher Employee Benefits operation will have 14 offices and more than 230 employees across the UK, with over 160 people joining and the addition of eight new branch locations.
Mr Johnson commented: “This acquisition is a real game-changer for us; by bringing the healthcare, corporate benefits and wealth management businesses into Arthur J. Gallagher Employee Benefits we simultaneously widen our portfolio, extend our geographic reach and significantly increase our scale.
“We are thrilled to be welcoming so many new colleagues and excited at the prospect of marrying our inherent strengths to become a sizeable presence in the UK market.”
Mr Johnson added: “Our strong large-client healthcare proposition and breadth of opportunities, combined with Oval’s robust and efficient servicing mechanisms for smaller schemes, should prove a winning combination for organic growth in the UK medical market.”
Peter Blanc, group CEO of Oval, added: “I’m delighted to have been able to bring our superb financial services and healthcare teams into the Arthur J. Gallagher family, alongside the insurance broking business.”