Insurance broker makes first acquisition since MBO

Liverpool-based insurance broker, Butterworth Spengler, has made its first acquisition since becoming part of the JMG group in March this year.

Investment by JMG group has facilitated the deal which has seen Butterworth Spengler acquire Gloucester-based Brunsdon Insurance for an undisclosed sum.

Brunsdon Insurance’s existing team of 17 will join Butterworth Spengler’s team of 30 staff, bringing a wealth of knowledge and experience to the business.

John Lacey, Butterworth Spengler’s managing director, said: “Becoming part of the JMG group has given us greater buying power, accelerated our growth and further strengthened our position in the marketplace. We expect the same success for Brunsdon Insurance as they come onboard.

“They are a quality broker and present an extremely attractive business proposition which will enhance our commercial insurance, professional risks, and specialist schemes business divisions.”

Brunsdon Insurance will continue to work from its offices in Gloucester, trading as Brunsdon Insurance and offering its services for corporate, SME and private clients, with access to wider services through Butterworth Spengler and the group. Neville Mills, who has been MD at Brunsdon Insurance for six years following its MBO in 2015, will continue to lead the business.

Neville Mills said: “I am hugely excited to be working with Butterworth Spengler and the JMG group in building the footprint in the South West and, of course, the growth aspirations throughout the UK.

“Being part of a top 75 broker will provide us with valuable resources and knowledge to support our client placements, and opportunities to engage more with new clients. Our independence and personal approach to client relationships continues as it has done for over 85 years.”

The JMG group was formed in 2020 when Yorkshire-based JM Glendinning underwent an MBO led by group CEO Nick Houghton, with private equity backing from growth investor Synova.

Nick Houghton said: “This is an excellent acquisition for Butterworth Spengler and for the group. It’s a textbook example of what we wanted to achieve when we established the JMG group – to find insurance broker businesses with the potential, and appetite, to grow.

“We expect that this is the first of many acquisitions for companies within our group.”