Acquisition of Haines Wallace Insurance Brokers Ltd
01 December 2006
Jelf Group Plc, a leading corporate consultancy that specializes in providing commercial insurance, healthcare and employee benefits, announces today that it has agreed to acquire the entire share capital of independent commercial insurance brokerage, Haines Wallace Insurance Brokers Ltd.
Plymouth-based Haines Wallace will become part of the Jelf Group's commercial insurance division and further strengthen the Group's position as a leading player in the South of England and Wales.
The acquisition is expected to add £4.5m to the gross written premium that the Group places on behalf of its clients.
The deal has been structured in line with market norms, that is, an initial consideration with deferred consideration over a two-year earn-out period. The deal is funded by an existing bank facility with the Royal Bank of Scotland.
Commenting on the deal, Jelf Group chief executive Alex Alway says: 'The Haines Wallace team shares our client-focused approach to business and we welcome them to Jelf. The deal supports our strategy to be the leading corporate consultancy in the South of England and Wales and emphasizes Jelf Group's credentials as the fastest-growing insurance broking business in the South West. We are also delighted that the vendors have chosen to invest in the business by purchasing shares in the market"
Paul Phillips, MD of Haines Wallace Insurance Brokers Ltd adds: 'Joining the Jelf Group creates an exceptional opportunity for our clients to benefit from an enhanced range of services and unrivalled expertise. Being part of a larger organisation will offer enhanced career development prospects and greater security in a rapidly changing marketplace."
For more information on the Jelf Group visit www.jelfgroup.com
Jelf Group
Alex Alway, Group Chief Executive
01454 272713
Phil Barton, Commercial Director
01454 272754
Pelham PR
Polly Fergusson
0207 743 6362
Philip Dennis
0207 643 6363