Jensten Group Limited, a leading UK broking and insurance group, has received regulatory approval to acquire 100% of the share capital of HTC Associates Limited ("HTC"). The acquisition is expected to complete at the end of July 2020.
HTC is a Professional Indemnity (PI) specialist retail broker based in Derbyshire. It will continue to function as a standalone brand within Jensten's retail division. All members of the team, including directors David Tucker and Justin Conroy, will remain with the business following completion, with Justin Conroy remaining as General Manager.
The acquisition sees Jensten continue its proven strategy of acquiring high quality, entrepreneurial businesses which have significant growth potential and are led by teams who are passionate about the clients they serve. The deal is the second acquisition that Jensten has signed since lockdown.
Group CEO of Jensten, Bob Darling said:
"Coming quickly on the back of our recent acquisition of Senior Wright, I am delighted to announce this exciting acquisition which marks another important step in the evolution of the Jensten Group and our commitment to our buy and build strategy. Entrepreneurial spirit, drive and determination were evident from the very early stages of our dialogue with David and Justin. HTC has a great track record for delivering innovative solutions for clients which will be a strong complement to the Jensten retail offering.
Supporting entrepreneurial, community brokers in the UK and working in partnership with management teams is central to Jensten's strategy and values. We look forward to working with David, Justin and the team to help accelerate HTC's growth and development. I know I speak for the entire Group when I welcome David, Justin and their team to the Jensten family."
Group CFO of Jensten, Ed Hannan said:
"HTC is a very attractive business built on the foundations of a compelling customer proposition and a strong focus on service. Becoming part of the Jensten family marks the beginning of an exciting new chapter for the team and with the support of the Group we feel certain the business will go from strength to strength.
We continue to execute on our ambitious M&A strategy and we have a strong pipeline of future deals, in spite of the current economic environment; this reflects the ambition and reputation of our Group, management and shareholders.
The acquisition of Senior Wright Limited, a Lloyd's and London Market broker completed on 30th June 2020. We're proving we have an excellent proposition for entrepreneurial brokers who are looking to realise the value they've created in their business."
Director HTC, David Tucker said:
"Having started in insurance at the age of 18, it has been a source of pleasure and pride to build HTC into a successful brokerage. I look forward to the next phase of that success in conjunction with Jensten who clearly understand and value the way we work and the high expectations we set for ourselves in serving our clients.
The fit of culture and values was apparent from an early stage of the process. There are great things ahead for HTC and Jensten and we are proud to become part of the Jensten family of companies."
Director HTC, Justin Conroy said:
"We formed HTC in 2004 and we are incredibly proud of what has been achieved in that time. We have a committed team who are dedicated to serving clients' needs and who are strong ambassadors for the business. We are now ready for the next phase of our development and the compelling partnership proposition from Jensten will enable the business to go from strength to strength."