Lampier acquistion is deal number five in 2007
Jelf continued its acquisition spree this week, purchasing fellow Bristol broker John Lampier and Son - its fifth acquisition of the year.
Commercial insurance specialist Lampier is one Jelf’s largest acquisitions, adding £35m to Jelf’s annual premiums, taking the total to £150m.
Jelf claims the move will give it a dominant position in the South West and an estimated 15 to 20% market share.
There seems to be no end to Jelf’s acquisition drive. It chief executive Alex Always say the company will continue to buy for the next two to three years.
The broker has re-stocked it coffers with its debt facility with Royal Bank of Scotland, which will see it through a number of further buys, according to Alway. There is also the potential for raising money through the stock market.
Jelf immediate sights are set on bolster its presence in the South West, with plenty of potential targets to choose from. But Alway has not ruled out looking further afield.
In June, Jelf acquired the combined businesses of Cheltenham Insurance Brokers and Cheltenham Insurance Brokers Life and Pensions.
This followed the acquisition of Aldershotbased general insurance broker, Sunninghill Insurance Brokers, the group's tenth acquisition in the last 12 months.
The AIM-listed broker’s interim results for the six months ended 31 March 2007 showed strong growth, with 128% increase in turnover to £17.1m compared to £7.5m compared to the same period in 2006. Underlying organic turnover growth was up 24%.
