Bids have been received for the majority TA Associates stake in broker Honan, the Australian Financial Review (AFR) has reported. 

TA Associates, which made a strategic investment in Honan in 2020, has not confirmed previous reports saying it’s looking to sell its stake. 

But the AFR’s Street Talk column today says Goldman Sachs has collected non-binding indicative offers, and interested parties in the mix include PSC, Steadfast and a handful of buyout firms. 

Honan, founded in Melbourne in 1964, has more than 350 employees, offices in Australia, New Zealand, Singapore and Malaysia and more than 30,000 clients.  

The AFR says TA Associates has an 80% stake in Honan, which has completed a number of acquisitions over the past few years. 

The group acquired Certus Insurance Brokers in New Zealand in March, saying at the time that mergers and acquisition activity is a defining strategic pillar. The group said it had bought six business since July last year, including Carollo Horton, ATIA, Trumpet Financial, and Ardrossan, driving a compounded annual growth rate of 35% over the last three years. 

Honan told insuranceNEWS.com.au last month that it remained focused on delivering value and creating a difference for clients. 

“As a high-growth business with solid fundamentals winning market share globally, Honan and our private equity partners regularly field enquiries from potential investors and acquirers,” a spokesman said.