The deal follows Jensten’s acquisition of wholesale and retail broker Senior Wright
The Jensten Group has announced a deal to buy HTC Associates Limited, the second acquisition it has announced this month after it earlier snapped up wholesale and retail broker Senior Wright.
Jensten has already received regulatory approval to acquire 100% of the share capital of HTC, with the deal expected to be completed at the end of July 2020.
HTC is a professional indemnity (PI) specialist retail broker based in Derbyshire, and will continue to function as a standalone brand within Jensten’s retail division.
All members of the team, including directors David Tucker and Justin Conroy, will remain with the business following completion, with Justin Conroy remaining as general manager.
HTC director Justin Conroy said: “We formed HTC in 2004 and we are incredibly proud of what has been achieved in that time. We have a committed team who are dedicated to serving clients’ needs and who are strong ambassadors for the business.
“We are now ready for the next phase of our development and the compelling partnership proposition from Jensten will enable the business to go from strength to strength.”
Fellow director David Tucker added: “The fit of culture and values was apparent from an early stage of the process. There are great things ahead for HTC and Jensten and we are proud to become part of the Jensten family of companies.”
Buy and Build
Jensten Group chief executive Bob Darling said the deal reinforced the group’s commitment to its “buy and build strategy”.
“Coming quickly on the back of our recent acquisition of Senior Wright, I am delighted to announce this exciting acquisition which marks another important step in the evolution of the Jensten Group and our commitment to our buy and build strategy,” he said. “Entrepreneurial spirit, drive and determination were evident from the very early stages of our dialogue with David and Justin. HTC has a great track record for delivering innovative solutions for clients, which will be a strong complement to the Jensten Retail offering.
“Supporting entrepreneurial, community brokers in the UK and working in partnership with management teams is central to Jensten’s strategy and values. We look forward to working with David, Justin and the team to help accelerate HTC’s growth and development. I know I speak for the entire Group when I welcome David, Justin and their team to the Jensten family.”
And Jensten Group chief financial officer Ed Hannan said the business already had more acquisitions in the pipeline.
“We continue to execute on our ambitious M&A strategy and we have a strong pipeline of future deals, in spite of the current economic environment,” he said. “This reflects the ambition and reputation of our Group, management and shareholders.”