IMAS acted as the exclusive financial adviser to JRT Insurance Brokers (“JRT”) on the sale of the business to PIB Group (“PIB”).
Established in 2015, JRT is a leading independent broker based in Nottingham. Led by Richard Bright and Justin Thornhill, a team of 14 serve a local and national client base of mainly commercial clients. Specialisms include the construction, care, hospitality and leisure industries.
PIB is a diversified insurance distribution consolidator aiming to create a leading position in the provision of specialist insurance solutions across the UK market and selected overseas jurisdictions. It is a Top 50 broker with more than £179m in annual brokerage. The business employs more than 2000 staff across around 45 offices across the UK and is backed by private equity, including funds advised by Apax Partners.
IMAS was retained by JRT in early 2021 to advise the business and its owners on a sale. IMAS managed a tightly controlled and limited auction process, soliciting interest from a small number of interested parties, who all submitted indicative offers. PIB was selected based on a number of factors, including culture and its ability to support some of the central functions in JRT, allowing management to spend more time supporting their client base and growing the business.
Richard Bright, Director and Shareholder commented:
“IMAS guided us through every step of the sale process, including making sure we talked only to the best qualified buyers, thereby protecting confidentiality and ensuring we could remain focused on actually running the business. Involving IMAS ensured the process ran smoothly and we would have no hesitation recommending IMAS in the future”.
IMAS advised JRT on all aspects of the transaction, including assisting the business throughout a comprehensive due diligence process conducted by the buyer.