Gallivan Financial eyes further expansion after acquisition of Limerick's FJ Hanly
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Killarney's Gallivan Financial has acquired Limerick-based financial advisory company FJ Hanly & Associates for an undisclosed sum.
The deal will increase Gallivan's overall assets under management to more than €400m with the family-owned firm planning to grow the business to €1bn under management over the next 18 months through a combination of further acquisitions and organic growth.
Gallivan Financial, which is majority-owned by the Gallivan family, sold its Gallivan Murphy Insurance Brokers (GMIB) to the US insurance broking group Assured Partners for more than €110m in 2022. Gallivan Financial was not part of that transaction.
The company has a growing presence within the Munster region and is planning further acquisitions both within its existing geographic footprint and further afield.
Led by its principal Fergus Hanly, FH Hanly & Associates has developed a strong base in Limerick and the wider South West region over the past 20 years. Today, it has more than 700 hundred clients and approximately €100m in assets under management.
The transaction, which is subject to customary regulatory approvals, is expected to be completed within the next few weeks. Following the acquisition, Gallivan Financial will have 20 staff at its offices in Killarney and Limerick.
The purchase of FJ Hanly & Associates will be Gallivan Financial’s second acquisition within the past 16 months. In May 2023, Gallivan Financial acquired Killarney-based broker, Vincent Casey Life & Pensions, adding €80m in assets under management.
“The acquisition of FJ Hanly & Associates will enable us to continue to build upon our position as one of the leading wealth management advisory firms in the region," Fergal Smith, Gallivan Financial's Managing Director said. "It will also significantly enhance our ability to provide a stronger advice model to all our clients into the future.
“The mutually strong cultural fit was evident from the outset of our discussions and in our shared ambition to provide consistent, client-focused advice that is centred on enduring long-term relationships with our clients.”
FJ Hanly & Associates’ Founding Director Fergus Hanly said: "With increased regulation, compliance and administration, it made strategic sense for us to align with a company with similar values, to pool our resources and expertise, which in turn will provide a much stronger advice service to all our clients, both now and long into the future."
When the Gallivan family sold Gallivan Murphy Insurance Brokers (GMIB) in 2022 it had more than €60m Gross Written Premium (GWP) annually and reported revenues of €15m. It was one of a number of acquisitions and mergers which has resulted in increased consolidation within Ireland's insurance broker network.
Last week, insurance giant Arachas confirmed it had acquired Limerick broker Gerry O'Mahony Insurances for an undisclosed amount. The deal was one of 15 acquisitions of local brokerages since 2020 when it was Arachas taken over by the Ardonagh Group.