Yorkshire headquartered insurance broker JM Glendinning has acquired Staffordshire specialist insurance services firm Nowell & Richards for an undisclosed sum.
Established in 1976, and counting corporate leaders, entrepreneurs, high-profile people and professional sports stars among its clients, Nowell & Richards is an independent broker specialising in tailored private and commercial insurance.
Nowell & Richards managing director, Richard Nowell, will remain at the helm to drive the business forward. He said: “JM Glendinning is a likeminded, independent and respected Top 75 insurance broker and we both saw an opportunity to add a new, complementary arm to their business focused on high net worth clients and associated commercial lines.”
JM Glendinning underwent an MBO led by group CEO Nick Houghton in November 2020, with private equity backing from growth investor Synova.
Executive chairman Tim Johnson said: “Welcoming Richard and his team to the group represents the next step in an exciting growth journey for JM Glendinning. We plan to supplement our strong organic growth with a series of complementary, strategic acquisitions that will see the business grow four-fold over the next five years.
“Our aim is not to replicate the consolidators but to continue adding value to our clients through an advice-led approach, coupled with the added buying power that greater scale affords. It’s been a busy start to the year, which looks set to continue over the months and years ahead.”
Grant Thornton and Osborne Clarke advised JM Glendinning on the deal. IMAS and Gateley Manchester acted for Nowell & Richards.