Consultancy firm Jelf has acquired insurance brokers The Insurance Partnership in a deal worth up to £15.5m.
Jelf will pay £8.9m in cash followed by £3.1m in shares by new issuance and a deferred payment of up to £3.5m based on future performance.
The latest acquisition follows the purchases of Howell Shone Insurance Brokers in January and The Purple Partnership in February.
Jelf group chief executive Alex Alway says: “During the course of negotiations we have realised just how culturally aligned our two businesses are. We firmly believe we have built one of the most professional and consultative insurance broking firms.”
The AIM-listed firm also published its half year results to March 31 today. The accounts show revenue increased by 1.9 per cent to £35.9m, compared to £35.2m in the same period last year.
Operating profit grew 12.5 per cent from £1.6m to £1.8m as earnings before interest, tax, depreciation, amortisation and exceptional costs increased 16 per cent from £4.4m to £5.1m.
Jelf’s financial planning arm saw revenues rise 2.9 per cent to £3.6m, compared to £3.5m last year, as its assets in third party funds under wrap and discretionary management grew 38 per cent from £483m last year to £666m this year.
Jelf is also advising £574m of client funds not currently on platforms.
It states: “Investment markets remain uncertain making it difficult to predict investment sentiment through the rest of 2013. It is difficult to predict an upturn whilst we operate in this challenging business environment.”