Fri, 17 Feb 2023 | BUSINESS SALE
Global Risk Partners (GRP) has acquired commercial insurance broker Henshalls, in its fifth acquisition of 2023 so far. GRP, a Brown & Brown company, has now completed four acquisitions of retail insurance firms, as well as snapping up managing general agent (MGA) Nucleus Underwriting. Earlier this week, the company acquired London-based Edmondsons through its digital broker Hamilton Fraser.
Henshalls, which is based in Newport, Shropshire and has offices in Stafford and Shrewsbury, was founded in 1967 and specialises in the food and drink, construction, manufacturing, charities, sports and hospitality sectors. The company also operates the brands Bayliss and Cooke and Coachline, which cover coaches, buses and minibuses.
GRP’s Head of M&A Stephen Ross commented: "Henshalls is a really good fit for our retail business giving us a valuable presence in Shropshire and Staffordshire. That part of the world is not widely served by brokerages, so we are pleased that Henshalls, which has been trading successfully for many years, has chosen to join our retail division."
Post-acquisition, Henshalls’ entire 42-strong team, along with directors Mark Freeman, Martin Pitchford, Dave Williams, Anthony Hughes and Neil Atkinson, will remain with the business. Mark Freeman, Managing Director, said the acquisition would enable Henshalls to continue its historical growth and expand its UK footprint.
He continued: “In our discussions with Stephen Ross and Mike Bruce (GRP CEO), it became clear that joining GRP was the best future option for our business, our excellent team, and our customers. It provides us with a strong platform on which to build the next exciting chapter for the business. The added strength provided by Brown & Brown’s ownership of GRP, particularly its ‘forever company’ ethos, was a major factor behind our decision to join the business.”
GRP operates an active M&A strategy, completing more than 20 acquisitions last year. The company has an “owner-driver” approach, through which management at acquisition targets are incentivised through growth-based incentives such as an equity share in the business.
The company targets businesses in which existing shareholders are seeking to either fully or partially exit, offering a range of options and providing the ongoing management teams with resources to generate further growth.
Once the initial discussion and due diligence stages have been completed and sale and purchase agreements are in place, GRP can provide a completion date for the deal (subject to FCA approval). The firm says its typical acquisition timeline, from initial contact to completion, is between 10 to 12 weeks, but that many deals are completed in less.
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