The Broker Investment Group (TBIG) has made its eighth investment of the year, securing a majority stake in BEAM Insurance Solutions parent firm JPM Group.
The deal in Brierley Hill raises TBIG’s shareholding from 49% as of March 2023, with the group acquiring the remaining shares from BEAM managing director Dave Johnston (pictured) before he transitions to become JPM chair.
BEAM handles around £14 million in gross written premium (GWP), and the goal is to reach more than £20 million GWP over the next three years as a “regional powerhouse” within TBIG. Aside from BEAM’s strong plans for organic growth, the company is also exploring three deals, accelerating progress towards its GWP target.
“I wanted a plan that worked for my team as much as it did for me,” Johnston noted. “TBIG supported my plan to bring my direct reports in as equity holders in the business 18 months ago, and that was a great move forward. Having now worked closer with TBIG for a period, I am comfortable the time is right to sell my remaining holding.
“I look forward to my continued involvement in the business, and supporting Steve and Sarah, as they step forward to take on the day-to-day management. The business has a great future, and I am looking forward to continuing to work with Steve, Sarah, and the wider TBIG team to continue the growth trajectory.”
Johnston was referring to strategic director Steve Faulkner, who will succeed him at the helm, and operations director Sarah Cooksey.
Commenting on the development, TBIG chief executive Dave Clapp said: “We are excited that we have been able to deepen our relationship with BEAM and take on a further shareholding. Steve Faulkner will move into the role of MD and lead the business post-completion and will be supported by Sarah Cooksey.
“Both are key to the success of BEAM and vital to delivering our growth plans; it’s great to have them as shareholders in the business alongside TBIG. This new investment is a further step towards our £400 million GWP target and becoming a true powerhouse in the regional broker space.”
Meanwhile Johnston, as JPM chair, will play a crucial role in guiding the BEAM management team during the transition.
Reflecting further, Clapp added: “Our increased shareholding last year was phase one of Dave Johnston’s plan, and I am delighted we have now helped him execute phase two. Dave is not going anywhere and will help support the team and us for a few more years to come, as and where required, be that organic growth, acquisitions, or new client wins.”
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