MBO for insurance broker following investment from larger rival
Merseyside insurance broker Butterworth Spengler has completed a management buyout thanks to investment from larger provider, JM Glendinning.
The move will see Liverpool-based Butterworth Spengler forge ahead under joint ownership.
Butterworth Spengler operates across three divisions; commercial insurance, professional risks, and specialist schemes.
The firm, which employs 30 staff, will continue to trade under the Butterworth Spengler brand run by the existing management team and led by managing director, John Lacey.
John said: “The investment from JM Glendinning will allow us to grow more quickly and recruit some of the best people in the market, whilst our clients will continue to deal with the people they know well.
“Being part of a larger group will also create career development opportunities for our team, which wouldn’t otherwise exist as a smaller, stand-alone business.”
Nick Houghton, CEO of the JM Glendinning Group, added: “Our success is in no small part down to our independence and the personal service we offer our clients. Butterworth Spengler is a well-respected broker with a similar culture and approach, working across the North West with clients ranging from large corporate to SMEs.
“Investing in the business will help both firms continue their growth journeys whilst enabling all of our clients to benefit from the greater buying power that being part of a larger group affords.”
The advisers on the deal were Grant Thornton and Osborne Clarke for JM Glendinning, with KPMG and Bermans acting for Butterworth Spengler.