IBI buys stake in specialist M&A advisor BXI
17 Nov 2021)
Move reflects rapidly rising number of deals amongst independent brokers
IBI Corporate Finance has acquired a 50% stake in a specialist Dublin-based M&A advisor. BXI (Broker Exchange Ireland) is focussed on facilitating and advising on transactions amongst brokers working in the Insurance and Wealth Management sectors. This is the first transaction which IBI has made since it completed an MBO from Bank of Ireland in 2017.
BXI (Broker Exchange Ireland) was founded by Shay Keane in 2019. Shay had previously sold Le Chéile Group (a credit union advisory firm) to various investment and insurance firms (2014) and PSL Consulting (a pensions consulting firm) to IFG plc (2008). He has a long career in the financial services sector working with companies including Mercer, Bank of Ireland Asset Management, and Irish Life.
Speaking today, Tom Godfrey, Chairman and CEO of IBI Corporate Finance, said that the traditional world of insurance and wealth management brokers was undergoing a period of rapid consolidation and change; “There have been some very high-profile, landmark transactions at the top end of the financial services market and particularly the wealth management and insurance sectors in the past few years but brokers at the smaller end of the market are going through a similar process. Regulatory and compliance costs are increasing significantly, many smaller brokers with owner-managers are looking to exit the market and you have a new generation of Irish and international players looking to bring various parties together to increase market share and leverage greater economies of scale. We believe there will be a significant volume of transactions in this sector over the rest of the decade and we’re delighted to back Shay who has vast experience and connections across the broker market.”
IBI Corporate Finance is the largest independent Corporate Finance firm in Ireland and has itself advised on several landmark transactions in the broker and wealth management space.
The firm recently appointed Liam Kiely from Cantor Fitzgerald as a Director and Head of Technology and Healthcare and James Doody as a Director and Head of Growth Capital.
Issued on behalf of IBI Corporate Finance by Gordon MRM