Jelf acquires The Insurance Partnership for £12m

CONSULTANCY Jelf is to acquire The Insurance Partnership, which is based in Yorkshire, for £12m.

Jelf said that the acquisition is in line with the its strategy of growth through organic initiatives and selected acquisitions.

Jelf said that it has agreed, subject to conditions, to acquire The Insurance Partnership Holdings, for an initial consideration of £12m, excluding a payment for tangible net assets, and deferred performance related consideration of up to a further £3.5m.

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The initial consideration of £12m will be met by £8.9m of cash and £3.1m in new Jelf shares to be issued on completion to key senior management and sales people of The Insurance Partnership.

The Insurance Partnership is an insurance broker based in Yorkshire, namely Hull, York and Leeds, with an office in Wolverhampton.

In the year ended June 30, 2012, The Insurance Partnership achieved adjusted revenue of £8.8m, adjusted EBITDA of £1.3m, and adjusted profit before tax of £0.64m.

Robert Worrell, MD of The Insurance Partnership (TIP), said: “TIP was never a business for sale but TIP and Jelf are such a perfect fit. It was that simple - shared vision, values and culture with a complete passion for client service and committed delivery.

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“Our combined sum of the parts will create a market leading organisation. I am so excited at the prospect of working closely with the executive team that I already knew well and trust completely.”

Alex Alway, CEO of Jelf, said: “I am pleased that Rob Worrell has decided that being part of Jelf will enable him and his team to realise their ambitious plans for growth.

“We feel privileged to welcome Rob and his team to the group. Together we will be an even stronger force in insurance broking.

“The acquisition is significant for Jelf and we are confident that this will be an earnings enhancing deal for Jelf. During the course of negotiations we have realised just how culturally aligned we are, and both teams are excited at the prospect of working together.”

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