CCV's growth is accelerating
CCV’s growth is gathering pace. The acquisition vehicle, whose executive chairman is Towergate founder Peter Cullum, made its 23rd buy last week with the purchase of several retail divisions of Lockton International, worth a combined gross written premium of £40m.
The purchase – the largest deal so far for the company – takes CCV to nearly £150m in gross written premiums.
Not bad for business that was started 18 months ago with a remit of buying small provincial brokers under £10m in size.
The company is now setting its sights a little higher, eyeing increasingly larger deals.
Its previous largest acquisition was in November with Morgan Law , a specialist construction broker, controlling almost £20m in GWP, and in which it took a “significant investment stake”. The Lockton deal shows it can handle even bigger purchases.
But that doesn't mean it won't continue to mop up smaller players. On Monday the company announced on it had bought Stockport-based Chorlton Cloughley Group, which has a GWP of £9m. CCV chief Tim Johnson says it is in due diligence with a further five. Once completed, this will take the company to £200m in annual premiums – long before its slated end-of-year target.