Price Forbes nabs investment to recruit top producers and M&A in Southern Africa
The Ardonagh Group-owned global specialty insurance broker Price Forbes has secured an investment from South Africa-based private equity firm Medu Capital to support its ambitious “buy-and-build” growth strategy in the region.
Medu now owns 35% of Price Forbes South Africa and will be an active shareholder supporting the business’ ambition to “recruit top producers and make strategic acquisitions in Southern Africa”.
The investment management company Medu has strong connections in South Africa and throughout Southern Africa.
It now owns 35% of Price Forbes SA and will be an active shareholder as Price Forbes continues to grow in the region.
Price Forbes South Africa currently employs 37 people across offices in Johannesburg, Stellenbosch and Lichtenburg. Its specialisms include corporate insurance programmes, agribusiness, crop, marine and trade credit insurance.
Price Forbes International CEO Greg Ferguson said: “We are committed to the deployment of our regional growth strategies, supporting and empowering our leadership in key territories in which we operate and see fantastic opportunities. Working with Medu Capital will support the business’ ambition with a robust platform to recruit top producers and make strategic acquisitions in Southern Africa.”
Peter Gordon, chairman of Price Forbes South Africa, added: “Medu Capital is a strong local partner with extensive investment experience, including in complementary insurance broking entities, and we are really excited about what we can do with their support and the insight of its founders.”
Nhlanganiso Mkwanazi, Medu Capital co-founder, commented: “We’re pleased to invest in Price Forbes and partner with its South Africa management team to support their growth and expansion strategy. The need for independent risk advice and multi-jurisdictional insurance placement is growing alongside the Southern African economy and infrastructure, and we’re proud to support Price Forbes’ team to deliver this for a growing number of businesses across the region.”
