Global Risk Partners (GRP) has acquired Prescott Jones Ltd, a well-regarded commercial broker headquartered in Swansea, South Wales.
Stephen Ross, head of M&A at GRP, hailed the deal as a ‘great opportunity’ to build out GRP’s footprint in South Wales and the West.
He said: “Our expectation is that we will leverage Prescott Jones’ local connectivity in the South Wales and Western broking community to identify further opportunities for M&A.”
“This is an important acquisition for GRP. Prescott Jones is a terrific business with a highly experienced, entrepreneurial management team, all of whom will be staying on and driving forward their ambitious growth plans.”
Prescott Jones was founded in Swansea in 1991 and has grown to become one of the largest independent brokers in Wales and the West. Founders Ed Prescott and Gareth Jones are well-known figures in the regional broking community, both having started their careers at Sun Alliance before forming the brokerage.
As well as the Swansea HQ, the team operates from offices in Bristol and Cardiff. The main areas of focus are business insurance, professions, property and construction and private clients.
Management and colleagues will all remain with Prescott Jones post deal, and MD Ed Prescott said everyone is “enthused by the new opportunities GRP will bring as owners. GRP’s owner-driver philosophy and support for businesses that have an appetite to grow is hugely compelling.”
“We don’t feel that we will be subsumed into a big machine, rather given the resources and support to go out and do our own deals, as well as continuing to grow organically.”
“I want Prescott Jones to build the same level of success enjoyed by other ‘hub’ businesses in the GRP stable, such as County Group and Higos in our part of the world.”
“It is a very exciting time for all our people here at the business, and I’m confident that GRP will prove to be excellent custodians for our brand, our people and our customers.”