’I’m incredibly proud of what the team has built over the last few years,’ says chief executive
JMG Group has secured new equity investment jointly led by Synova and Chicago-based GTCR.
The investment, which the broker has described as “substantial”, will be used to accelerate its growth strategy through further acquisitions, investment in talent and platform development.
Existing lender, Ares Management, has continued to support the group by providing a new financing facility as part of the transaction.
Nick Houghton, chief executive at JMG Group, said: “I’m incredibly proud of what the team has built over the last few years.
“For JMG to have secured the support of Synova and GTCR as partners for our next chapter of growth is a real privilege.
“Our philosophy remains simple – invest in great people and businesses, remove the operational distractions and allow our colleagues to focus on winning and retaining customers.”
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JMG Group was established in 2020 following a management buyout of JM Glendinning Insurance Brokers led by Houghton and backed by Synova.
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The new partnership marks a continuation of Synova’s commitment, having been JMG Group’s majority shareholder since 2020.
David Menton, managing partner at Synova and non-executive director at JMG Group, added: “JMG has been one of Synova’s most successful partnerships to date. The team have delivered outstanding performance – balancing rapid acquisitive growth with strong underlying business fundamentals, while always putting clients first.
“We are proud to be continuing on the journey with this talented team.”
Meanwhile, Chicago-headquartered GTCR is a private equity firm with a focus on financial services.
Aaron Cohen, managing director and head of financial services at GTCR, said: “For more than two decades, GTCR has backed exceptional leaders to drive transformational growth in the insurance brokerage industry. Houghton and the team have created a unique platform, building meaningful scale, while maintaining a customer-centric operating model.
“We are thrilled to partner with the management team, and Synova, as JMG continues down the path as one of the UK’s leading brokers.”
His career began in 2019, when he joined a local north London newspaper after graduating from the University of Sheffield with a first-class honours degree in journalism.
He took up the position of deputy news editor at Insurance Times in March 2023, before being promoted to his current role in May 2024.View full Profile
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