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."
Read about the importance of post-deal integration to the M&A process.
Read about an increase in professional services dealmaking.
An exceptional opportunity to acquire a well-established offshore survey business, renowned for its comprehensive design, build, and operation capabilities, alongside valuable assets including vessels and equipment.
Exciting chance to acquire a well-established Independent Financial Adviser (IFA) business in Greater Manchester with significant funds under management and consistent ongoing charges.
This IFA firm in South Wales boasts a robust client base with 540 active households and an impressive £140m in funds under management.
17
|
Sep
|
Construction materials firm acquires civil engineering contractor | BUSINESS SALE
Fox Brothers Holdings, a private equity-backed construction ...
17
|
Sep
|
Assets and IP of non-HFSS bakery brand set to be sold in pre-pack deal | ADMINISTRATION
Urban Legend, a healthier sweet bakery brand, is poised to e...
17
|
Sep
|
Regional care home operator expands with double acquisition | BUSINESS SALE
Regional care home operator Maven Healthcare has expanded wi...
12
|
Sep
|
Acquisitive insurance group completes triple takeover | BUSINESS SALE
Insurance brokerage JMG Group, which has completed 50 acquis...
10
|
Jul
|
JMG Group acquires London insurance firm in 50th post-MBO deal | BUSINESS SALE
Insurance brokerage JMG Group has acquired Profile Insurance...
13
|
May
|
Acquisitive insurance broker secures fresh investment for growth plan | BUSINESS NEWS
JMG Group, a highly acquisitive insurance brokers, has agree...
Business Sale Report is the complete resource for finding genuine acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.