CCV aiming for £70m after acquisition

Acquisition vehicle Cullum Capital Ventures (CCV) has purchased Fentons Insurance Solutions, a Norfolk broker controlling £6.5m in gross written premiums (GWP).

CCV's seventh acquisition in the past six months brings the group's total GWP to £45m and means that the Towergate sister company has reached its first year target of £44m with six months to spare.

CCV chairman Peter Cullum has indicated the company is now looking at increasing its GWP still further with more acquisitions in the New Year. He said: "We have a number of transactions planned for early 2007 which will push our GWP to £70m, establishing CCV in the top echelon of independent UK intermediaries."

Only last week, CCV bought taxi and property owners specialist Gardners. Fentons is based in Kings Lynn and all employees will be retained in the current offices.

Tim Johnson, chief executive of CCV, commented: “Fentons is a long established business with an excellent reputation in its local marketplace. The management team have taken advantage of CCV's ability to offer retained equity and will therefore be able to share in the growth in the company's value over the coming years. I am confident that their longstanding customer relationships, combined with access to excellent products and value added services, will produce a winning formula for all concerned.”

Ian Gutteridge, managing director of Fentons, added: “The opportunity to join the CCV family, with all the advantages it brings, whilst retaining a share in the business was an attractive cocktail. More importantly, I know that our customers and staff will benefit from being part of a larger organisation and we are all very upbeat about the future.”

Cullum added: “Fentons is a perfect fit within CCV, and our ability to put together a flexible deal structure for the management team was instrumental in bringing the company into the group."

CCV was launched in June this year with an acquisition war chest of £100m funded by the Bank of Scotland and private investors. It targets small to medium size regional brokers.