Madison Dearborn, HPS to boost stake in Ardonagh Group

Madison Dearborn Partners LLC and HPS Investment Partners said May 21 they are increasing their stakes in The Ardonagh Group, a UK insurance broker. MDP and HPS are buying shares from certain existing institutional investors and other minority shareholders for 92 million euros ($117 million). Of the 92 million euros, 82 million euros came from MDP while 10 million euros was from HPS. Following the deal, MDP will own 43 percent of Ardonagh, while HPS will have 54 percent.