Sheridan Insurances Ltd have announced a major development in the 54-year old business with the news that an investment fund has come on board to finance the expansion of the company.
MML Capital Partners Ireland, a leading investor in Irish small and medium enterprises, has made a significant investment in the Wexford-based group to drive ambitious growth plans which should see the creation of an additional 25 jobs over the next three years.
The company established in 1964 by Wexfordman Paddy Sheridan currently employs 74 people and has built a strong reputation among corporate, SME and personal customers through a network of four offices in Dublin, Kilkenny, Wexford and New Ross and on www.sheridan.ie.
Sheridans are on target to generate gross written premium of approximately €25 million in 2018 and the investment by MML will position the business to grow and expand through a series of targeted acquisitions.
Founder Paddy's sons Ciaran and Donagh Sheridan will remain as significant shareholders. Managing director Ciarán will continue in the business as a director while Donagh will continue in his current role of Commercial Director.
As part of the transaction, Ronan Foley, a former CEO of IPB Mutual Insurance, is joining the business as CEO. He has over 25 years' experience in the insurance sector across Ireland and the UK. His appointment is subject to approval by the Central Bank of Ireland.
The investment will be made from the MML Growth Capital Partners Ireland I Fund, a €125 million fund supported by Enterprise Ireland, AIB and a number of international institutional investors. The fund is dedicated to backing small and medium sized private businesses located on the island of Ireland.
MML Investment Director Shane Cooke explained that the company targets Irish SME's with strong growth ambitions.
'We are delighted to partner with Ciarán, Donagh and Ronan in Sheridan Insurances. We are backing a strong business led by an experienced team, in a sector we have tracked for some time with Ronan and we intend to invest further to support the business to help it accelerate its growth plans', he said.
The new CEO said Paddy, Ciarán and Donagh Sheridan have built a business with an exceptionally strong reputation among customers and insurers.
'We will continue to build on this strong foundation and will take great care to maintain this reputation as we grow and explore the other opportunities that add value', he added.
commenting on the new development, Ciarán Sheridan said President John F. Kennedy's arrival in Wexford in 1963 had an inspirational and motivational influence on a young Paddy Sheridan and convinced him that if ever there was a time to do something, then that time was now.
And so he quit his permanent, pensionable job in the Norwich Union Insurance company and set about starting his own business.
Sheridans grew from a small outfit into a major business servicing clients across the island of Ireland. The company employs 74 staff in Dublin, Kilkenny, Wexford and New Ross.
'There were no support structures or assistance for new start-ups at that time' said Ciarán. 'Roll on to 2018 and Sheridan's has an ambition to grow the business. In MML we have been able to secure an investor with vision and ambition.'
'This is such an exciting time for our business, we have a strong and dedicated team of people at Sheridan's and this new partner gives us the firepower for significant growth. We are forecasting adding up to 25 additional jobs over the next three years', he said.
The shareholders of Sheridan Insurances were advised by PwC. Flynn O'Driscoll acted as legal advisers to MML while Kirwan McKeown James acted for Sheridan Insurances. Mazars and PwC provided financial and tax due diligence and CIL Management Consultants provided commercial due diligence. The MML investment into Sheridan Insurances is subject to regulatory approval.
MML Growth Capital Partners Ireland is a €125 million fund dedicated to backing ambitious managers of small and medium-sized private businesses in Ireland to reach the next stage of their evolution.
The fund provides capital to businesses for expansions, acquisitions, shareholder reorganisations, recapitalisations and management buyouts.
MML creates bespoke deals in response to unique opportunities, recognising that while the challenges facing businesses are sometimes similar, the specific details are never the same.