The Jensten Group has today announced its acquisition of the specialist broker Bellegrove – a deal that will bring £15 million GWP, 3,000 clients and 37 staff to the group. The M&A transaction, which is subject to regulatory approval will provide the group with a significant presence across the UK motor trade and fleet insurance market.
In a Press release, Jensten highlighted that Kent-based Bellegrove provides insurance and risk management solutions under the Direct Motor Trade brand to over 2,500 garages across the UK, from sole-traders to national franchises. The firm also commands a large fleet insurance book with an emphasis on the chauffeur and construction sectors.
Jensten noted that the deal will bring further expertise and scale to the group in the motor trade sector which will continue to be developed under the Direct Motor Trade brand.
Bellegrove’s co-founders, joint MDs Matthew West and Robert Creedon, will stay with the business to lead the growth of the specialism – which Jensten stated is a reflection of the group’s ‘strong focus on people and culture and provision of opportunities for individual growth and development’.
Commenting on the acquisition, Rob Organ, MD of Jensten Retail, said: “I am delighted to be able to welcome Bellegrove to the Jensten family as we continue to move forward with plans to build out our areas of specialism. The addition of Bellegrove brings real capability to the group and, combined with Jensten Underwriting’s product expertise in this area, provides us with an enviable proposition across the whole motor trade value chain, which will enable us to continue to provide clients with a superb level of service.”
West also discussed the deal and said that having reviewed the usual network of buyers, it was clear to the team very early on that Jensten was the natural home for its clients and staff. He noted that Jensten shares Bellegrove’s customer-centric focus and wider ambitions for organic and acquisitive growth.
He continued: “We are very excited about the opportunities for the future and look forward to working with our new colleagues as a member of the Jensten family.”
Creedon added: “As part of the Jensten Group, we are now able to accelerate our ambitious growth plans to become the UK’s leading motor trade broker.”
Alistair Hardie, group CEO of Jensten, also discussed the acquisition and noted that it further demonstrates the success of Jensten’s strategy of developing regional and specialist centres of excellence, with a strong focus on organic growth, supported by selectively buying and building quality businesses that have a similar growth mindset.
“With our Buy and Build approach, we work with broker founders to keep growing their high-quality business and delivering for clients,” he said, “and with Build and Buy we help entrepreneurial insurance brokers launch their own business with the Coversure franchise network, scale it and then realise the value when they exit. This is our sixth high-quality acquisition since the summer, and more will be announced imminently.”