The Jensten Group (Jensten) has today announced its purchase of Yorkshire-based specialist mid-market commercial broker Sydney Packett & Sons (Packetts) for an undisclosed sum. The acquisition is the next step in Jensten’s buy and build growth strategy which focuses on expanding its specialist capabilities.
Packetts, a community broker which celebrated its centenary in 2020 and specialises in the commercial, not-for-profit and trading sectors, currently handles £13 million in GWP. The Chartered broker is led by Marshall Sugden who will remain MD and lead the further expansion of the business under Jensten’s ownership. The broker will retain the Packetts and Trainsure brands.
Packetts is the third acquisition in eight months for Jensten which currently controls approximately £230 million GWP and has publicly stated its ambition to reach £500 million GWP in the next three to five years. Jensten’s insurance broking offering including more than 90 Coversure franchises and a wholly-owned broking operation. The group also hosts a wholesale operation formed of Policyfast, City Underwriters and Senior Wright, supported by Jensten Technologies.
Commenting on the deal, group CEO of Jensten Group, Alistair Hardie (pictured) said it is great to welcome Packetts to the group and that Sugden and his team are an ideal fit for the group’s existing business due to their shared values and focus on high service standards and client care.
“With the additional support and funding we can provide, the Packetts and Trainsure brands will flourish and grow,” he said, “both organically and through bolt-on acquisitions and books of business in the North.”
Meanwhile, Sugden highlighted that the Packetts team is excited to become part of Jensten and to take Packetts to the next level of growth. He cited Jensten’s flexible and caring approach as the reason why the group was an “obvious choice” as the brokerage’s new owner.
Revealing what the deal means for Jensten going forward, Hardie noted that the acquisition underlines what the group has to offer entrepreneurial mid-market and specialist community brokers who want to continue to evolve while ensuring that staff and clients are protected. Jensten is well-advanced in its plans to acquire a number of brokers across the UK over the coming months, he said.
