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 for the firm 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 this week. The accounts show revenue increased by 1.9 per cent to £35.9m, compared to £35.2m in the same period last year and operating profit grew 12.5 per cent from £1.6m to £1.8m.
Protection Review co-chairman Andy Couchman says: “Strategically now is a good time to acquire insurance brokers. It looks like another shrewd buy from Jelf.”