Newstead is a commercial lines broker set up 33 years ago
GRP has revealed its first acquisition of the new year, snapping up Birmingham-based commercial lines broker Newstead.
Newstead was set up 33 years ago and writes corporate, SME and private client business.
All staff, including managing director Paul O’Donnell and directors Sarah Giles (who took part in the Aviva Future Leader Programme) and Julian Simon will stay on, GRP said.
Newstead has a presence in London and Stoke in addition to its Edgbaston headquarters.
Commenting on the latest acquisition, GRP head of M&A said: “Newstead is a flag in the ground in Birmingham from which we are keen to build.
”Paul, Sarah and Julian have a strong entrepreneurial heritage and are hungry to grow organically and by acquisition.”
Newstead’s O’Donnell said: “GRP is a fantastic business for us to be part of and the opportunity to draw from their financial muscle, technology and range of services is great news for us and good for our clients too.”
“In the current hardening market and with the wider uncertainty from the pandemic, there is value to be had from being part of a bigger organisation with the great reputation for looking after its brokers that GRP enjoys.”
Meanwhile GRP chief executive Mike Bruce said the acquisition would boost GRP’s foorprint in England’s second city.
In December GRP posted a 22% boost in run rate EBITDA in its financial results for the year.
It made 18 acquisitions last year, and the purchase of Newstead makes it GRP’s 72nd overall.