The Jensten Group has today acquired specialist broker Bellegrove, providing the group with a significant presence across the UK motor trade and fleet insurance market. The deal, which is subject to regulatory approval, brings £15m GWP, 3,000 clients and 37 staff to the group.
Kent-based Bellegrove provides insurance and risk management solutions under the Direct Motor Trade brand to over 2500 garages across the UK, from sole-traders to national franchises. Bellegrove also has a large fleet insurance book with a focus on the chauffeur and construction sectors.
The acquisition brings additional expertise and scale in the motor trade sector for Jensten and will continue to be developed under the well-known brand of Direct Motor Trade. When combined with Jensten’s existing retail motor trade business and the in-house product expertise of Jensten Underwriting, the business offers a compelling proposition for the whole motor trade industry. Jensten has a proven track record of acquiring, investing, and developing sector-focused ‘practices’ – Direct Motor Trade will sit alongside the group’s other leading practices, including Tour Operators, Tech & Life Sciences and PI & Medmal.
Bellegrove’s co-founders, joint Managing Directors Matthew West and Robert Creedon, will remain with the business to lead the growth of the specialism, a reflection of Jensten Group’s strong focus on people and culture and provision of opportunities for individual growth and development.
Rob Organ, Managing Director Jensten Retail, commented: “I am delighted to be able to welcome Bellegrove to the Jensten family as we continue to move forward with plans to build out our areas of specialism. The addition of Bellegrove brings real capability to the group and, combined with Jensten Underwriting’s product expertise in this area, provides us with an enviable proposition across the whole motor trade value chain, which will enable us to continue to provide clients with a superb level of service.”
Matthew West, Bellegrove Director said: “Having reviewed the usual network of buyers, it was clear to us very early on that Jensten was the right home for our clients and our staff. They share our customer-centric focus and wider ambitions for organic and acquisitive growth. We are very excited about the opportunities for the future and look forward to working with our new colleagues as a member of the Jensten family.”
Robert Creedon, Bellegrove Director added: “As part of the Jensten Group, we are now able to accelerate our ambitious growth plans to become the UK’s leading motor trade broker.”
Reflecting on Jensten Group’s recent acquisitions, Alistair Hardie, Group Chief Executive, commented: “This acquisition further demonstrates the success of our strategy to develop regional and specialist centres of excellence, with a strong emphasis on organic growth, supplemented by selectively buying and building quality businesses that have a similar growth mindset.
With our Buy and Build approach, we work with broker founders to keep growing their high-quality business and delivering for clients; and with Build and Buy we help entrepreneurial insurance brokers launch their own business with the Coversure franchise network, scale it and then realise the value when they exit. This is our sixth high-quality acquisition since the summer, and more will be announced imminently.”
