The Broker Investment Group strike their 8th investment of this year (16 August 2024) having taken the majority shareholding in JPM Group, the holding company for BEAM Insurance Solutions, at The Waterfront in Brierley Hill.
Following the 49% stake taken in March 2023, the group have purchased the remaining shares from Dave Johnston as they see BEAM as one of their new “regional powerhouse” brokers with a target for them to achieve £20m+ GWP within three years.
BEAM Insurance Solutions currently control circa £14m GWP, and have impressive organic growth plans, combined with three further potential deals in play, which will help us achieve this objective sooner.
Dave Clapp said, “We are excited that we have been able to deepen our relationship with BEAM and take on a further shareholding. Steve Faulkner (Strategic Director) will move into the role of MD and lead the business post completion and will be supported by Sarah Cooksey (Operations Director). Both are key to the success of BEAM and vital to delivering our growth plans, it’s great to have them as shareholders in the business alongside TBIG. This new investment is a further step towards our £400m GWP target and becoming true powerhouse in the regional broker space.
Dave Johnston will stay with the business post completion and move to the role of Chairman of the group, supporting the management team, and helping the transition.
Having been a shareholder in BEAM for a few years now, it has been great to watch them grow, our increased shareholding last year was phase one of Dave Johnston’s plan, and I am delighted we have now helped him execute phase two. Dave is not going anywhere and will help support the team and us for a few more years to come, as and where required, be that organic growth, acquisitions or new client wins.“
Dave Johnston commented “I wanted a plan that worked for my team as much as it did for me. TBIG supported my plan to bring my direct reports in as equity holders in the business eighteen months ago, and that was a great move forward. Having now worked closer with TBIG for a period, I am comfortable the time is right to sell my remaining holding. I look forward to my continued involvement in the business, and supporting Steve and Sarah, as they step forward to take on the day-t- day management. The business has a great future, and I am looking forward to continuing to work with Steve, Sarah and the wider TBIG team to continue the growth trajectory. “