IMAS acted as the exclusive financial adviser to Nowell & Richards Insurance Services Limited (“Nowell & Richards”) on the sale of the business to J.M. Glendinning (Insurance Brokers) Limited (“J.M Glendinning”).
Nowell & Richards is a leading independent high-net-worth and commercial insurance broker based in Staffordshire. Established in 1976, the business counts corporate leaders, entrepreneurs, high-profile people and professional sports stars among its clients. The business is led by managing director Richard Nowell, who will remain with the business following the sale to J.M. Glendinning.
J.M. Glendinning is a leading independent broker based in Yorkshire and is active across 8 office locations, employing more than 100 staff. The business underwent an MBO in 2020 led by group CEO Nick Houghton, with private equity backing from growth investor Synova Capital. J.M. Glendinning’s senior team includes Tim Johnson and Jeremy Cary as Executive Chairman and Board Adviser, respectively. Tim and Jeremy formerly led Stackhouse Poland, which Synova also backed until its sale to Arthur Gallagher in 2019.
IMAS was retained by Nowell & Richards in 2020 to advise the business and its shareholders on a sale. IMAS immediately recognised that the high-net-worth and associated commercial lines focus of the business represented a compelling strategic and cultural fit with J.M. Glendinning. The connection between the two businesses was made at an early stage and before J.M. Glendinning had publicly announced its MBO.
IMAS advised Nowell & Richards on all aspects of the transaction, including assisting the business throughout the due diligence process. Nowell & Richards also has a Financial Services arm, which will be separated from the core broking business as part of the transaction.