1st Dec 2006 07:01
Jelf Group PLC01 December 2006 1 December 2006 Jelf Group plc Acquisition of Haines Wallace Insurance Brokers Ltd Jelf Group Plc, a leading corporate consultancy that specializes in providingcommercial insurance, healthcare and employee benefits, announces today that ithas agreed to acquire the entire share capital of independent commercialinsurance brokerage, Haines Wallace Insurance Brokers Ltd. Plymouth-based Haines Wallace will become part of the Jelf Group's commercialinsurance division and further strengthen the Group's position as a leadingplayer in the South of England and Wales. The acquisition is expected to add £4.5m to the gross written premium that theGroup places on behalf of its clients. The deal has been structured in line with market norms, that is, an initialconsideration with deferred consideration over a two-year earn-out period. Thedeal is funded by an existing bank facility with the Royal Bank of Scotland. Commenting on the deal, Jelf Group chief executive Alex Alway says: 'The HainesWallace team shares our client-focused approach to business and we welcome themto Jelf. The deal supports our strategy to be the leading corporate consultancyin the South of England and Wales and emphasizes Jelf Group's credentials as thefastest-growing insurance broking business in the South West. We are alsodelighted that the vendors have chosen to invest in the business by purchasingshares in the market" Paul Phillips, MD of Haines Wallace Insurance Brokers Ltd adds: 'Joining theJelf Group creates an exceptional opportunity for our clients to benefit from anenhanced range of services and unrivalled expertise. Being part of a largerorganisation will offer enhanced career development prospects and greatersecurity in a rapidly changing marketplace." For more information on the Jelf Group visit www.jelfgroup.com Jelf GroupAlex Alway, Group Chief Executive 01454 272713Phil Barton, Commercial Director 01454 272754 Pelham PRPolly Fergusson 0207 743 6362Philip Dennis 0207 643 6363 Notes to Editors • Jelf Group was founded by Chris Jelf in 1989. Today, the Jelf Groupoperates from a number of premises in the South of England and Wales and offersan extensive range of corporate and private client services; • The Group advises over 12,000 corporate clients, principally inrespect of healthcare, commercial insurance, employee benefits and wealthmanagement services. These clients cover the spectrum from significant publiccompanies to small owner managed businesses. Core Jelf Group clients are mediumsized owner-managed businesses, typically employing between one to 50 staff,with a turnover of up to £10 million; • The Group has developed a corporate support infrastructure that hasenabled it to make a number of acquisitions over the last five years. Theseacquisitions span all core areas of the Group's business and have been made toeither supplement existing operations or to acquire a corporate client base thatcan be utilised by the enlarged Group. The significant acquisitions made overthe last 12 months are as follows: o November 2005 - Healthwise Ltd - acquisition of independent corporatehealthcare adviser o March 2006 - Goss Group Ltd - acquisition of a substantial commercialinsurance and financial services intermediary based in the south east of England o May 2006 - Brian D Thomas Ltd - acquisition of South Wales commercialinsurance intermediary o May 2006 - Cherwell Insurance Management - acquisition of Oxfordshire basedcommercial insurance intermediary o June 2006 - Auto Business Solutions Ltd - acquisition of a specialist vehicleand business finance intermediary based in Wiltshire o October 2006 - Hern Waters & Co - acquisition of a general insuranceintermediary based in Ludlow • Further information is available on Jelf at the Company's website:www.jelfgroup.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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