Envest Group, the Ardonagh Group-owned insurance investment and distribution business, has acquired CPS General for an undisclosed amount.

CPS General, based in Sydney’s Chatswood district in Lower North Shore, offers business and personal insurance and is a longstanding corporate authorised representative of Resilium – also part of the Ardonagh Group’s operations in Australia.

As a result of the partnership with Envest, CPS GM Chelsea Norval will assume leadership of the CPS business from Director James Norval, who founded the company 38 years ago.

“We are extremely pleased to welcome CPS as an equity partner and look forward to working with Chelsea and her team on further accelerating the growth of CPS, both through acquisition and organically,” Envest Non-Executive Director and Resilium Director Adrian Kitchin said.

Envest Head of Broking and Chief Distribution Manager Craig Robson says the acquisition will add to “our already strong presence in NSW”.

“We are so pleased that a business of CPS’s calibre is joining us at Envest as an equity partner… We’re really looking forward to working with Chelsea and the entire CPS team.”

Ms Norval says the Envest partnership will mean “additional resources” to grow the CPS business.

“We’re looking forward to working with the Envest team while continuing to provide professional service and advice to our loyal customers,” she said.

The acquisition was made via subsidiary Resilium Partners.

Ardonagh acquired Envest earlier this year, with the $482 million investment giving it ownership also of broking network Aviso Group.