Second acquisition in four weeks for insurance broker
Marshall Wooldridge, the Yorkshire hub business for Global Risk Partners, has acquired Rotherham-based RIB Group, a South Yorkshire-based independent broker.
RIB Group (Rotherham Insurance Brokers) has 50 years’ experience in commercial lines, personal lines and high net worth schemes.
The business employs 35 people, and is led by John Jesson (chairman) and fellow directors Paul Barton, Andrea Beck and Simon Jesson.
All the directors and staff will remain with the business post deal and the RIB brands will continue to operate.
The acquisition follows Marshall Wooldridge’s announcement last month that it had bought another Yorkshire broker, RF Broadley.
Marshall Wooldridge managing director, Geoff Kirk, said the latest deal was a further demonstration of the company’s commitment to growth.
He added: “We said we would be looking for the right businesses, respected and established companies whose expertise and reputation has earned them a strong client base and commercial success, and RIB certainly fits that bill.
“We are looking forward to working with the RIB team to continue to build on that success.”
Jesson said: “We are very proud of our history as a family-run firm, and of the successful business and strong client relationships we have built up over the years.
“We’re delighted that Marshall Wooldridge has recognised what we have to offer and are looking forward to making the most of the new opportunities that this deal will bring.”
Stephen Ross, GRP’s head of M&A, said: “This is another great deal for Marshall Wooldridge and clearly signals their ability to drive the business forward.
“Our hub and spoke model has proved itself to be a key plank in our buy and build strategy in retail broking, in that we work with our regional hubs to identify high quality local businesses where the owners are keen to grow further under the GRP umbrella.
“We remain fully focused on building out our regional footprints, and despite the current challenging economic environment, we have a strong pipeline in both Yorkshire and in our other regional centres.”
