Altra pins growth and recruitment high on its agenda following £3m investment from private equity house Maven.

Private equity house Maven has invested £3m in Altra Consultants. The investment will be used to fund growth of its Lloyd’s registered subsidiary Parker Norfolk & Partners (PNP) as it looks to extend its reach and product offering.

It will start by offering Structured Trade Credit broking services, which the firm already specialises in. Altra will look to recruit talent to help grow the firm into an international multi-line broker.

Altra chief executive Alan Wallace said: “We are excited to have secured Maven’s confidence and investment, an important capital injection that will enable us to grow at speed. As our industry changes and innovates, we look forward to recruiting talented individuals to our firm and working with Maven to deliver our projected growth plans.”

Maven investment director Julie Glenny added: “Maven’s investment in Altra is an opportunity to back a highly experienced leadership team with a strong track record of having previously built a specialist insurance broking business from start up to successful exit.

Glenny continued, “Current market conditions provide compelling support of Alan and Tracey’s strategy, with the prevalence of consolidation activity in the Lloyds market presenting opportunity to select a number of key senior executives and teams to join the Altra team and drive their growth aspirations.”

Maven manages the Greater Manchester Loan Fund, which broker J&A has benefitted from in the past.