Jelf Group has bought emp-loyee benefits and healthcare business SPS Wellbeing in a deal that could cost up to 10m.
SPS Wellbeing is a specialist group risk and healthcare intermediary and the full 10m asking price depends on the firm reaching performance targets.
Jelf will pay out 6.4m upfront, comprising 6.22m in cash and 180,000 in shares. The rest, payable in cash, is projected at 1.87m in year one and 0.83m in year two, with additional payments dependent on the business hitting its targets.
The deal comes as Jelf reveals that profits rose by 148 per cent from 1.3m to 3.3m for the 12 months to the end of last September.
Turnover has increased by 118 per cent from 11.5m to 25.1m, which the firm attributes to increased crossselling, new corporate clients and acquisitions.
The group made six acquisitions last year, including the Goss Group, Cherwell Insurance Management and Auto Business Solutions.
Jelf is split into five divisions – insurance, healthcare, employee benefits, commercial finance and wealth management – and will continue its strategy of organic growth and acquisitions.
Group chief executive Alan Always says: “The acq-uisition of SPS Wellbeing will position the Jelf Group as a real powerhouse in the healthcare market, comp-lementing our existing strong position in the insurance market.”