JMG Group (“JMG” or the “Group”), one of the UK’s fastest-growing insurance brokers, has announced, subject to regulatory approval, a substantial new equity investment jointly led by Synova and GTCR, alongside the leadership team. The new investment will enable JMG to accelerate its growth strategy through further acquisitions, investment in talent, and platform development. Existing lender, Ares Management, has continued to support the Group by providing a new financing facility as part of the transaction.
Since Synova’s initial investment in 2020, JMG has rapidly established itself as an industry-leading UK insurance brokerage platform, completing 46 acquisitions and generating market-leading organic growth.
The new partnership marks a continuation of Synova’s commitment, having been JMG’s majority shareholder since 2020, and the addition of Chicago-headquartered GTCR, a leading private equity firm with a long-standing focus on financial services, providing deep experience in building scaled, high-quality distribution businesses globally.
The sale of JMG represents the first exit from Synova Fund IV (2019), generating a 5.6x return on invested capital. Synova’s re-investment will be made from Synova Fund V (2023).
Nick Houghton, CEO of JMG Group, noted:
"I’m incredibly proud of what this team has built over the last few years. For JMG to have secured the support of Synova and GTCR as partners for our next chapter of growth is a real privilege. Our philosophy remains simple: invest in great people and businesses, remove the operational distractions, and allow our colleagues to focus on winning and retaining customers.”
Aaron Cohen, Managing Director and Head of Financial Services of GTCR, noted:
“For more than two decades, GTCR has backed exceptional leaders to drive transformational growth in the insurance brokerage industry. Nick and the team have created a unique platform, building meaningful scale, while maintaining a customer-centric operating model. We are thrilled to partner with the management team, and Synova, as JMG continues down the path as one of the UK’s leading brokers.”
David Menton, Managing Partner of Synova and Non-Executive Director of JMG Group, commented:
“JMG has been one of Synova’s most successful partnerships to date. Nick, Tim Johnson and the team have delivered outstanding performance – balancing rapid acquisitive growth with strong underlying business fundamentals, while always putting clients first. We are proud to be continuing on the journey with this talented team, alongside GTCR, and look forward to the next phase.”
