Jensten Group acquires Packetts as it forges ahead with mid-market expansion drive.
The Jensten Group has boosted its UK offering following the acquisition of specialist mid-market commercial broker Sydney Packett & Sons of Shipley, Yorkshire, for an undisclosed sum.
The acquisition is part of Jensten’s ambitious buy and build growth strategy focused on expanding its specialist capability. Packetts, which is a Chartered Broker, specialises in the commercial, not-for-profit, and training sectors, and presently handles £13m gross written premium (GWP). The community broker celebrated its centenary in 2020 and is headed by Marshall Sugden, who will remain as Managing Director and lead the further expansion of the business under Jensten’s ownership. The broker will retain the Packetts and Trainsure brands.
Jensten currently controls around £230m GWP and has a publicly stated ambition to reach £500m within the next three to five years.
Jensten’s ‘Buy and build’ Strategy Continues
Packetts is the third acquisition in eight months for the specialist broking and insurance group. The deal follows on from those of Derbyshire-based professional indemnity specialist HTC Associates and Lloyd’s and London market wholesale broker Senior Wright last summer.
Jensten’s insurance broking offering includes over 90 Coversure franchises, focused mainly on the small commercial insurance market and a wholly owned broking operation primarily focused on mid-market business. The group also has a wholesale operation made up of Policyfast, City Underwriters and Senior Wright, all supported by an in-house platform development business, Jensten Technologies.
Alistair Hardie, Jensten Group Chief Executive, commented: “We are delighted to welcome Packetts to the Jensten family. Marshall and the team are an ideal fit with our existing business and share our group values and culture with a priority focus on high service standards and looking after clients. With the additional support and funding we can provide, the Packetts and Trainsure brands will flourish and grow, both organically and through bolt-on acquisitions and books of business in the North.”
Marshall Sugden, Packetts CEO, added “The team and I are excited about becoming part of Jensten, and look forward to taking Packetts to the next level of growth. Jensten’s flexible and caring approach meant they stood out from the crowd and made them the obvious choice as our new owner.”
Alistair added: “This acquisition underlines that we are the natural home for entrepreneurial mid-market and specialist community brokers keen to protect and build on their hard-earned legacy and who want to ensure both staff and clients remain central to the business.”
Looking forwards Alistair added: “We are well-advanced with plans to acquire a number of brokers in the UK over the coming months demonstrating how our innovative model for acquisitions, combined with the flexible proposition we offer to management, staff and clients, makes us an attractive alternative for brokers looking to find new investors.”