CCV Group has made its largest acquisition to date with the purchase of Morgan Law, a specialist construction broker.
The group has taken a “significant investment stake” in the Ipswich broker, which controls almost £20m in gross written premiums (GWP).
This puts CCV on the brink of reaching its target of controlling £100m of GWP by the end of the year.
It is the group’s 20th acquisition since its launch in April 2006, when it set out to acquire small and medium sized regional brokers with between £3m and £10m GWP.
Tim Johnson, chief executive of CCV, said the company was now looking to “raise the bar” on future acquisitions.
He said: “We are looking to buy a couple of businesses that are bigger than £10m. We are more than adequately equipped for them, and we will buy 100% of the business.”
He said the group could make up to three more acquis-itions before the end of the year.