Phoenix Capital, an integrated advisory platform specializing in consulting, corporate finance, innovation and operational services, acted as financial advisor to Insurance Gold Brokers (IGB), insurance brokerage company founded by Angelo Coviello and operating in Italy since 2001, in the acquisition by Consulbrokers S.p.A., one of Italy’s leading insurance brokerage players, controlled since October 2024 by U.S. private equity firm J.C. Flowers.
The closing of the transaction, which took place on January 15th in Milan and was announced today by Consulbrokers, marks the fourth deal successfully completed by Phoenix Capital’s Corporate Finance and M&A Division since October 2024, within the broader consolidation and aggregation trend reshaping the insurance brokerage sector. Following mandates carried out alongside Consulbrokers (October 2024), Etisicura (June 2025) and Tassicuro (October 2025), the Corporate Finance team, led by Giorgio Bottà, with the support of Associate Fabrizio Chirico and Analyst Giovanni Anghinoni—assisted IGB in finalizing the transaction.
Phoenix Capital
Expressing his satisfaction with the completed transaction, Giorgio Bottà, Head of Corporate Finance and M&A BU at Phoenix Capital, stated:
“Since October 2024, this is our fourth deal in the insurance brokerage sector. Today, aggregation represents a fundamental strategic choice for brokers in terms of growth and innovation. The increasing automation of processes and the central role of technology require solid structures and investments that only well-capitalized organizations can sustain. At the same time, the need to comply with an increasingly complex and stringent regulatory framework makes it difficult for independent firms to maintain high standards without adequate critical mass.
This transition into Consulbrokers will enable IGB not only to further strengthen its specialist expertise, but also to expand cross-selling opportunities for clients, ensuring tailored and highly diversified advisory services. This represents mutual value creation for all parties involved, fostering process and technology integration and the enhancement of human capital. As financial advisor to the transaction, we believe that the value of a deal is fully realized in the post-closing phase, where it is essential to support companies through a smooth technological and operational integration process, keeping people at the core of the shared growth strategy.”
ADVISORS
Alongside Phoenix Capital, IGB was advised by Solving – Studio Legale e Tributario, with a team comprising partners Annalisa Pescatori and Francesco Pellone, and, for corporate law matters, associate Luciano Vassallo and Giacomo Roveraro. For due diligence activities, the seller relied on Dr. Goffredo Faracca and Attorney Giuseppe Ceppaluni.
BonelliErede assisted Consulbrokers S.p.A. with a multidisciplinary team led by partner Stefano Micheli, head of the Insurance Focus Team, and composed, for corporate and M&A matters, of managing associate Marco Cislaghi, associate Melian Zheng, and Alessandro Chiarini. Partner Ilaria Parrilla, senior associate Giulia Lucchini, associate Alessandro Nicolini, and Alessia Martorella handled the banking aspects. For due diligence activities, BonelliErede relied on the beLab Transaction Services team led by managing director Michel Miccoli and coordinated by legal specialist Silvia Pisanu.
The result was made possible thanks to the work of the entire Corporate Finance team at Phoenix Capital, led by Giorgio Bottà.
