Acquisition vehicle takes major stake in broker
Cullum Capital Ventures has purchased a significant investment stake into specialist construction broker Morgan Law.
Morgan Law is based in Ipswich and has a business approaching £20m GWP.
Tim Johnson, chief executive of CCV said: “Our investment in Morgan Law extends our reach in terms of both geography and specialist expertise. The deal we have structured works well for both the existing management team and CCV. Morgan Law is a well established large regional business which I am confident will add real value to the Group.”
Peter Smith, director of Morgan Law said: “I am delighted that CCV has become a shareholder in our business. This partnership will allow us to continue to grow Morgan Law for the benefit of both our clients and our staff, whilst allowing us to maintain our strong local brand.”
Peter Cullum, chairman of CCV said: “In Morgan Law we have added a well established business with an excellent track record to the family. Our strategy of acquiring and investing in good quality regional brokers continues at a pace and we have a number of further deals in our sights for early 2008. I remain convinced that the flexibility of CCV’s proposition, combined with our access to products and markets, makes us an excellent home for brokers wishing to grow their businesses.”
All existing staff and premises of Morgan Law will be maintained, as will the trading style.