JM Glendinning Insurance Brokers has poured an undisclosed sum into Butterworth Spengler Insurance Brokers to facilitate a management buyout (MBO) at the Liverpool firm – making Butterworth Spengler jointly owned by its leadership team and JM Glendinning.
“The investment from JM Glendinning will allow us to grow more quickly and recruit some of the best people in the market, while our clients will continue to deal with the people they know well,” said Butterworth Spengler managing director John Lacey.
“Being part of a larger group will also create career development opportunities for our team, which wouldn’t otherwise exist as a smaller, stand-alone business.”
Butterworth Spengler, which employs a workforce of 30 people in Merseyside, will continue to trade under its existing brand. The business specialises in commercial insurance, professional risks, and specialist schemes.
Commenting on the swoop, JM Glendinning chief executive Nick Houghton stated: “The success of the JM Glendinning group is in no small part down to our independence and the personal service we offer our clients.
“Butterworth Spengler is a well-respected broker with a similar culture and approach, working across the North West with clients ranging from large corporate to SMEs. Investing in the business will help both firms continue their growth journeys while enabling all of our clients to benefit from the greater buying power that being part of a larger group affords.”
With the backing of growth investor Synova Capital, JM Glendinning sealed its own MBO last November.
“The Synova deal provided funding to support our growth plans for the business,” added executive chair Tim Johnson. “Investing in Butterworth Spengler is the first step on that journey, which will combine organic growth with a series of complementary strategic acquisitions. There are exciting times ahead for JM Glendinning.”
