Further to the announcement on 1st March 2018, HPS Investment Partners (“HPS”) and Madison Dearborn Partners (“MDP”), have today announced the completion of the Compass acquisition, following necessary approval from the FCA.
Compass will now join a strong portfolio of companies within the HPS and MDP family.
Alex Alway, Compass’ current Executive Chairman will move into a wider role, replacing Ian Clark as Chairman of both Broker Network and Compass. Ian will step down from his current position but will continue to support the leadership of the Network. Both businesses will continue to retain their independence and operate independently; with John Lincoln at Compass and Andy Fairchild at Broker Network leading their respective teams.
Commenting on the completion, Alex Alway said: “Broker Network and Compass are both market-leaders within the Network arena and provide a suite of business support services to independent brokers. I’m very much looking forward to developing the offerings at both companies, whilst at the same time building strong new relationships with Andy and the team at Broker Network.
“I’m delighted Ian will remain close to the business. His extensive broking experience and knowledge of Broker Network and its members will be invaluable as we transition into a new phase and progress our ambitions.”