Latest acquisiton is Jensten Group’s third in recent months
Jensten Group has snapped up Yorkshire commercial broker Packetts (aka Sydney Packett & Sons).
Jensten said the acquisition was part of its “buy and build” strategy.
Packetts, which specialises in the commercial, not-for-profit, and training sectors, manages £13m in GWP and celebrated its centenary last year.
Managing director Marshall Sugden will remain in his post, and the broker’s Packetts and Trainsure brands will stay, Jensten said.
Jensten itself controls approximately £230m GWP and it targeting half a billion within the next three to five years, it said.
Jensten Group chief exec Alistair Hardie said: “Marshall and the team are an ideal fit with our existing business and share our group values and culture with a priority focus on high service standards and looking after clients.
”With the additional support and funding we can provide, the Packetts and Trainsure brands will flourish and grow, both organically and through bolt-on acquisitions and books of business in the North.”
Meanwhile Sugden commented: “The team and I are excited about becoming part of Jensten, and look forward to taking Packetts to the next level of growth.
”Jensten’s flexible and caring approach meant they stood out from the crowd and made them the obvious choice as our new owner.”
Hardie said Jensten was ”well-advanced with plans to acquire a number of brokers in the UK over the coming months demonstrating how our innovative model for acquisitions, combined with the flexible proposition we offer to management, staff and clients, makes us an attractive alternative for brokers looking to find new investors.”
Jensten has a commercial and wholesale broking arm, the former mainly focused on it 90 Coversure franchises.