Private equity firms GTCR and Synova LLP have confirmed they have closed the acquisition of UK insurance broker JMG Group, which was initially announced earlier this year. JMG Group came into being in 2020 following a management buyout of JM Glendinning, which was led by group CEO Nick Houghton with backing from Synova.

Leeds-based JMG Group now has a team of more than 800 people and has been highly acquisitive in recent years.

Houghton said: “At JMG, we’ve always focused on empowering our people and delivering exceptional outcomes for our clients. Joining forces with GTCR and continuing our partnership with Synova brings together three firms aligned in these values and ambitions.”

Aaron Cohen, managing director and head of financial services and technology at GTCR, commented: “We’re thrilled to partner with Nick, Synova, and the broader JMG team to help accelerate their growth journey.”

David Menton, managing partner at Synova, added: Our partnership with GTCR represents a powerful combination of shared vision and experience. Together, we’re excited to support JMG as it continues to scale and strengthen its position as a leading UK insurance broker.”