FCA approve acquisition of broker in deal advised by Chattertons Solicitors
The Financial Conduct Authority has approved the acquisition of Leeds-based insurance broker Ravenhall Risk Solutions by Jenston Group for an undisclosed sum in a deal advised Chattertons Solicitors based in Newark.
The deal bolsters Jensten’s regional presence in Yorkshire and is the Group’s latest step in its ‘buy and build’ strategy.
Chattertons Solicitors advised the vendors, Neil Grimshaw and James Daly from Ravenhall. Neil Grimshaw founded the brokerage in 2006 and will remain with the business, leading further growth as part of the Jensten Group.
Commenting, Adam Gilbert, Head of Corporate & Commercial said, “We are proud to have helped Neil and James realise the value that has been diligently created during their ownership. By providing advice on the sale and purchase agreement and responding quickly to the buyers due diligence, we were able to achieve a successful sale for Neil and James.”
Neil Grimshaw, Ravenhall Director, added, “After deciding it was time for the business to enter its next phase, Jensten quickly became the obvious choice when looking for a buyer. The advice we received from Chattertons was invaluable as it helped us review and negotiate professionally in order to exchange and complete the deal and obtain FCA approval.”
Ravenhall focuses on servicing commercial and personal clients in the region. Additionally, the business has developed solutions for traditionally harder to place risks, including unmanned aerial vehicle operators and the equestrian industry.
Ravenhall handles £10m gross written premium, (GWP), bringing the total GWP the Jensten Group controls to approaching £350m.
KBS Corporate provided sales and corporate finance advice to the sellers.
A member of the Corporate law team here at Chattertons would be happy to discuss confidentially any thoughts you are having on a free, no obligation basis.