Leeds-based JMG Group said it has acquired Scotland’s largest independent insurance broker GS Group, subject to FCA approval.
The deal represents JMG Group’s second acquisition in Scotland in just over a month.
Perth-based GS Group and its 50 employees have become part of the JMG Group, which now has over 15 businesses operating out of 19 offices throughout the UK.
The acquisition will take JMG Group’s GWP (gross written premiums) placed in Scotland to £50 million.
GS Group was established in 1991 by MD George Stubbs.
Stubbs, who will remain a shareholder and continue to lead the GS Group business, said: “The JMG Group proposition was particularly attractive as the company echoes our values and will allow us to grow autonomously whilst supporting the development of our team.
“It will also give us access to markets and infrastructure that will increase our ability to innovate.
“We are currently a £30m GWP business and this investment will help us to achieve our growth ambitions of becoming a £50m GWP business in the next four years.
“We will continue to offer the same professional service, with the existing team, still operating as GS Group, but with the added benefits of being part of a larger group of insurance businesses.”
JMG Group CEO Nick Houghton said: “This is an exciting deal for our expanding group as our growth strategy ramps up another gear.
“GS Group is a major player in Scotland and this deal complements our recent investment in Greenwood Moreland in Scotland, taking our GWP placed in Scotland to £50 million.
“Our strengths lie in finding the best people in our market, looking after them and supporting them in providing the best advice for clients.
“We believe we have found a fantastic cultural fit in George and his team.”
GS Group was advised by Andrew Gould and Gavin Hood of Deloitte Corporate Finance as exclusive lead financial adviser and Ewan Gilchrist and Gordon Tatnell of Dickson Minto as legal adviser.
JMG Group was advised by Gordons Solicitors and Deloitte LLP.