Mon, 03 Jul 2023 | BUSINESS SALE
Yorkshire-based insurance brokerage JMG Group has completed its tenth acquisition of the year with a deal for Blackfriars Group. The acquisition is JMG’s 22nd overall since it was formed through the 2020 SYNOVA-backed MBO of JM Glendinning Insurance Brokers.
The deal is JMG’s third in just over a month, with the company having made its 20th acquisition in late May with the takeover of Sunderland-based commercial and corporate broker Insure Business. This was followed by the acquisition of Southampton-based broker GR Marshall in June, with the deal for Blackfriars Group announced less than a week later.
Blackfriars Group, which employs 20 staff and has offices in Sandbach and Gibraltar, specialises in providing liability and business insurance for small and medium-sized firms across the UK. The firm, a £7 million-premium business, had total equity of slightly over £1 million in its financial accounts for 2020.
Discussing the deal, JMG Group Chief Executive Nick Houghton said that the acquisition further strengthens the group’s presence in the North West, adding that the company’s “track record of generating online leads will add another dimension to business development within the group."
Blackfriars Group director Steven Lewis (pictured above) said that one of the benefits of being acquired would be the centralisation of the “majority of the administration, business management and compliance functions”, adding that this would “free up more of my time to focus on clients and supporting the team here to develop their roles and careers with us.”
Lewis added: "For anyone dealing with us, it will be business as usual. The company will continue to trade as Blackfriars, clients will deal with the same people in our team, and we will continue to specialise in liability and business insurance for businesses UK-wide.”
Having significantly ramped up its acquisitive activity this year, JMG Group now has a network of more than 25 offices across the UK, with a team of over 450 staff. The company’s acquisition strategy focuses on businesses with a similar culture, team and expertise. The group’s scale enables it to centralise many of the back-office functions at businesses it acquires – something that can be highly attractive to small brokerage owners in the highly regulated insurance industry.
Discussing the group’s acquisition strategy earlier this year, CEO Nick Houghton said: "Sellers get to know the JMG team they are going to be part of throughout the sale process, which helps greatly. As does the experience of our M&A team. We are able to move quickly and be creative in our approach."
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