Broker Network-owner Bravo Group has revealed the price paid for each of its 10 acquisitions last year

Bravo Group spent over £53m last year on acquisitions.

This is according to its 2018 full year results, which revealed the prices paid for each of the 10 acquisitions the group completed in 2018.

The most expensive acquisition was that of Compass Group. The network cost Bravo Group £10.8m and completed in April. The second most expensive was Saffron Group in January, which Bravo Group paid £10.1m for.

The least expensive deal was Ethos broker Finch’s for Opus Risk Solutions, which cost £740,000.

Bravo Group 2018 acquisitions and its purchase price

- Saffron - £10.1m (January)

- Continuum - £2.4m (March)

- Knighthood - £6.1m (March)

- Compass - £10.8m (April)

- Weald - £6.4m (April)

- Opus - £740,000 (May)

- Insureness - £1.5m (May)

- McMorrow Murphy - £8.6m (August)

- Lockyers - £4.8m (September)

- Glenavon - £1.4m (December)

Richard Tuplin, managing director of Ethos Broking, the broking arm of Bravo Group which completes the broker acquisitions, this month told Insurance Times the multiples being paid for brokers was increasing amid competition from consolidators.

And speaking today about the price paid for businesses last year, Bravo Group chief financial officer Simon Drew said the group was careful not to overprice an acquisition.

“We walk away from as many deals as we buy because there can be overpricing and I’m very particular about what we pay because ultimately it has to work,” Drew said.

Bravo Group is owned by private equity partners Madison Dearborn and HPS, and Drew said this gave added responsibility to avoid overspending.

“This is not the Wild West,” Drew said. “We are holding a stewardship function for private equity investment funds and you’ve got to do it with responsibility.

“This is not my money, this is funds, and you have to use it in a fiduciary way.

“We won’t overpay for assets, but what we’re keen to do is buy the right businesses with the right management team with the right mindset. Every broker we’ve bought has ticked that box.”


The group reported a pre-tax loss of £28.0m in accordance with international financial reporting standards. The standards include accounting for all the money invested in the group and share payments to minority shareholders of businesses acquired over the next three years.

Drew said he was unconcerned by the loss figure, and said the investor owners are more concerned with a strong EBITDA, which was reported earlier this year. He said each of the businesses acquired was performing well.

“The key is making sure the investment counts,” Drew said. “The profitability of each business stands on its own two feet in its own right.”

The business secured an £80m loan earlier this year to continue its acquisition spree. Bennett Christmas was recently bought as Ethos Broking’s ninth regional hub, and Drew said he was optimistic of two significant purchases before the end of 2019.

“To the half year in 2019 our results are booming,” he added. “We’re up on 2018, we’re up on our budget, our revenues are growing greater than 5% and that’s not only in Ethos, but we are also doing very well in our network space. Broker Network and Compass are both doing well.”