Wed, 24 May 2023 | BUSINESS SALE
Insurance consolidator JMG Group has acquired Sunderland-based commercial and corporate broker Insure Business as the group continues its rapid acquisitive growth. The acquisition is JMG’s 20th since it was established in 2020 following an MBO at JM Glendinning Insurance Brokers backed by SYNOVA.
Post-acquisition, Insure will join the JMG Group’s JM Glendinning North East division, bolstering the group’s existing presence in the region at Newcastle’s Gosforth Business Park. The target firm will also rebrand as JM Glendinning, but managing director Kate Allison and account handler Daniel Wilds will remain in their roles.
Kate Allison said that JMG Group’s “client-focussed values align closely with our own” and that dealing directly with the team had helped significantly “with the sale process and the transition into the group”, adding that being part of the wider group would provide the firm with additional support and resources.
JMG Group Chief Executive Nick Houghton, who led the MBO in 2020, said that Insure was a good strategic fit for the group and would complement its existing team in Newcastle.
Discussing the group’s acquisition and integration strategy, Houghton added: "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. The team will work with Kate to take away the noise, leaving Kate and her team to focus on winning and retaining clients."
Read about the importance of post-deal integration to the M&A process.
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