{"id":2375,"date":"2024-03-11T17:04:26","date_gmt":"2024-03-11T17:04:26","guid":{"rendered":"https:\/\/www.marshberry.com\/eu\/?p=2375"},"modified":"2026-01-02T15:12:25","modified_gmt":"2026-01-02T15:12:25","slug":"february-2024-uk-ma-market-update-demand-for-financial-services-in-the-uk-and-europe-continues","status":"publish","type":"post","link":"https:\/\/www.marshberry.com\/eu\/blog\/february-2024-uk-ma-market-update-demand-for-financial-services-in-the-uk-and-europe-continues\/","title":{"rendered":"February 2024 UK M&amp;A Market Update: Demand for Financial Services in the UK and Europe Continues"},"content":{"rendered":"\n<p>When it comes to the question of pricing and valuation in the context of mergers and acquisitions (M&amp;A) \u2013 it ultimately comes back to what a buyer is willing to pay. The major factor behind this robust pricing of privately held financial services businesses is the lack of supply versus the increased demand. It also helps that there are large amounts of private equity (PE) supplied capital being used to consolidate sections of the UK market.&nbsp;<\/p>\n\n\n\n<p>For the continental European financial services sector, there is still heavy fragmentation and plenty of supply for acquirers to target. And given its size, that consolidation process is still at least ten years behind the United States and the United Kingdom.&nbsp;&nbsp;<\/p>\n\n\n\n<p>But there is also tremendous demand, as US and UK consolidators (amongst others) are seeking new territories to feed their continuing acquisition appetite. Highly sought after assets (which can act as consolidation hubs) are transacting at levels at least as high as those seen in the US\/UK. The steady rise in valuations that has taken place in the UK over the last ten years has probably taken only two to three years in continental Europe.&nbsp;<\/p>\n\n\n\n<p>By providing a stream of new M&amp;A targets to justify PE\u2019s continuing desire to put more capital to work in the sector, continental Europe is opening up and supporting the pricing in the UK vs. (what might be assumed) a weakening in demand.&nbsp;<\/p>\n\n\n\n<p>This trend is currently most marked in the insurance distribution sector, but no doubt will be an increasing feature of the (even more fragmented) investment sector, as it tends to follow a similar pattern over time.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Insurance M&amp;A market update\u00a0<\/h2>\n\n\n\n<p>The shortest month of the year was another active one for UK insurance distribution M&amp;A, continuing the strong start to the year, with 12 new announced transactions in February, bringing the year-to-date (YTD) total to 21 (vs. 24 deals at this time in 2023). This count includes a number of very small deals (four involved targets employing fewer than five members of staff) but also several mid-sized transactions, and one increasingly rare new direct investment by private equity into the sector.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Transactions in commercial lines:\u00a0<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Jensten Group<\/strong> announced its first deal of 2024 with a deal for <strong>Melville Burbage<\/strong>, a community broker based in Berkshire.&nbsp;&nbsp;<\/li>\n\n\n\n<li><strong>J.M. Glendinning<\/strong> (via its Astute Insurance Solutions subsidiary) added property specialist <strong>Sandhouse Insurance<\/strong>.&nbsp;<\/li>\n\n\n\n<li><strong>Benefact Group<\/strong> announced a deal for charities specialist <strong>Access Insurance<\/strong> in South Croydon.&nbsp;<\/li>\n\n\n\n<li><strong>Brown &amp; Brown (Europe)<\/strong> via Green Insurance Group announced a deal for <strong>Oxlea Investments<\/strong>, trading as Stewart &amp; Partners and based in Kent.&nbsp;<\/li>\n\n\n\n<li><strong>Peter Cullum\u2019s Broker Investment Group<\/strong> made a minority (49%) investment into <strong>Jenkinson Insurance<\/strong> and related business <strong>Penk Insurance<\/strong>, based in Rotheram and Chesterfield, respectively.&nbsp;<\/li>\n\n\n\n<li><strong>Partners&amp;<\/strong> announced two new deals in the Midlands, adding <strong>Church Side Insurance Services<\/strong> and <strong>Monaco Insurance Services<\/strong>.&nbsp;<\/li>\n\n\n\n<li><strong>Prestige Insurance<\/strong> in Northern Ireland announced a deal for <strong>Find Insurance NI<\/strong>, a broker based in Derry.&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Transactions in personal lines:\u00a0<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Clear Group<\/strong> added high-net-worth broker <strong>Porticus Insurance Consultants<\/strong> in London.&nbsp;<\/li>\n\n\n\n<li><strong>The AA<\/strong> announced a deal for key cover insurance business <strong>Keycare<\/strong>.&nbsp;<\/li>\n\n\n\n<li><strong>Voyager Insurance<\/strong> acquired specialist travel insurance broker <strong>Navigator Travel Insurance<\/strong>.&nbsp;<\/li>\n\n\n\n<li>PE investor<strong> LDC <\/strong>announced a \u201csignificant investment\u201d into insurtech <strong>Uinsure<\/strong>, a technology-led broker based in Manchester.&nbsp;<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Investment M&amp;A market update\u00a0<\/h2>\n\n\n\n<p>Following an active January, dealmaking declined during February, primarily due to fewer transactions in the wealth management subsector, with the deals announced largely involving private equity firms. Transactions included:&nbsp;&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Charlesbank Capital Partners<\/strong> acquired <strong>CPBE\u2019s<\/strong> stake in <strong>Perspective.<\/strong>&nbsp;&nbsp;<\/li>\n\n\n\n<li>Cabot Square-backed <strong>MKC Wealth <\/strong>acquired London-based financial planning firm <strong>Wealth for Women<\/strong>.&nbsp;&nbsp;<\/li>\n\n\n\n<li><strong>Nucleus <\/strong>announced<strong> <\/strong>the acquisition of Grafton Capital-backed white-label platform provider <strong>Third Financial.<\/strong>&nbsp;<\/li>\n\n\n\n<li>Inflexion-backed <strong>Ocorian<\/strong> announced its acquisition of financial services regulatory consultancy <strong>Bovill.<\/strong>&nbsp;<\/li>\n\n\n\n<li>Palatine-backed <strong>BK Plus<\/strong> acquired northern accounting firm <strong>Abrams Ashton<\/strong>.&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>The most notable transactions in the wealth management subsector were:&nbsp;&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Waverton<\/strong> and <strong>London &amp; Capital<\/strong> merged to create a combined business with \u00a317bn of client assets.&nbsp;<\/li>\n\n\n\n<li><strong>Towergate Health and Protection<\/strong> announced its acquisition of Glasgow-based employee benefits and PMI adviser <strong>Solutions Healthcare<\/strong>.&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>Transactions in the investment management subsector were:&nbsp;&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Virgin Money<\/strong> announced it would buy <strong>abrdn&#8217;s <\/strong>50% stake in their joint venture <strong>Virgin Money Investments<\/strong>.&nbsp;&nbsp;<\/li>\n\n\n\n<li><strong>Vontobel<\/strong> announced it would acquire London-based private infrastructure manager <strong>Ancala Partners<\/strong>.&nbsp;&nbsp;<\/li>\n\n\n\n<li><strong>Amundi<\/strong> acquired Zurich-based private markets specialist <strong>Alpha Associates<\/strong> adding \u20ac8.5bn in assets.&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>We remain resolutely focused on providing our clients with access to the fullest range of options, ensuring the best fit \u2013 and typically the best price \u2013 if and when they come to sell. Talking about these issues is always valuable, whether you plan to sell now, or in the years to come.&nbsp;<\/p>\n\n\n\n<p>For those seeking a more comprehensive analysis of UK M&amp;A in the sector, as well as a detailed market sizing and structure analysis, MarshBerry will very shortly be publishing its annual Insurance Distribution Market Report \u2013 UK for 2023. Entitled \u201cDemand and Supply\u201d, this year\u2019s report runs to more than 80 pages and again provides a definitive guide to recent sector M&amp;A in the UK.&nbsp;<\/p>\n\n\n\n<p>*IMAS Corporate Finance LLP has been acquired by MarshBerry.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>When it comes to the question of pricing and valuation in the context of mergers and acquisitions (M&amp;A) \u2013 it ultimately comes back to what a buyer is willing to pay. The major factor behind this robust pricing of privately held financial services businesses is the lack of supply versus the increased demand. It also [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":3668,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[20],"tags":[],"mu_industry":[49,50],"class_list":["post-2375","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-m-a","mu_industry-insurance","mu_industry-investment"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>February 2024 UK M&amp;A: Financial Services Demand Grows<\/title>\n<meta name=\"description\" content=\"High demand in a highly fragmented European financial services market continues to drive deals and valuations.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" 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