The deal is the consolidator’s tenth acquisition in 16 months. Its most recent acquisition before this was Derby-based broker Franklands.

Family-owned Morton Michel was founded in 1964 and serves service providers and institutions in the childcare sector.

Morton Michel’s managing director Sue Lee and the existing management team will continue to lead the broker following the completion of the deal.

Director and co-owner of Morton Michel Samantha Beere said: “We are pleased to leave Morton Michel in such good hands. PIB is precisely the kind of dynamic, modern company that will serve Morton Michel and its client base well in the coming years.”

Lee said: “We have a fantastic team here at Morton Michel and with the support and investment from PIB, we can make huge strides in our plans to grow and strengthen our market leading position as specialist insurance providers to the childcare sector, continuing the ethos of being innovative, knowledgeable, professional and friendly which the Beere family have worked so hard to achieve. We are all really excited about the future.”

PIB chief executive Brendan McManus (pictured) added: “I am extremely pleased that Morton Michel is joining PIB Group. They are leaders in the childcare sector having paved the way in developing this market thanks to their strong team and great brand.”

Mergers and acquisitions adviser IMAS advised Morton Michel on the sale to PIB.

IMAS founding partner Olly Laughton-Scott said: ”It was a potentially challenging transaction because it was being run by three siblings who inherited the business from their parents.

“Key was the preparation for the transaction, which involved bringing in an external person [Sue Lee] to take over the role of managing director. That was what made this such a successful transaction.”