GTCR Announces Investment in JMG Group
GTCR partners with CEO Nick Houghton and Synova to accelerate JMG's expansion across the UK insurance market
CHICAGO, May 13, 2025 /PRNewswire/ -- GTCR, a leading private equity firm, announced today that it has signed a definitive agreement to acquire leading UK insurance broker JMG Group ("JMG" or the "Company"), in partnership with existing investor Synova LLP ("Synova"), a leading European mid-market investor. GTCR and Synova will collaborate to support JMG's strong existing management team, led by CEO Nick Houghton, which will continue to operate the business and retain substantial equity ownership.
Headquartered in Leeds, United Kingdom, JMG Group is a leading UK insurance broker providing comprehensive risk management solutions to small and medium-sized enterprises and high-net-worth individuals. Founded in 2020 through a partnership between CEO Nick Houghton and Chairman Tim Johnson, JMG has rapidly scaled into a top 30 UK broker, placing over £350 million in gross written premium annually. With a team of over 750 insurance professionals across the country, JMG has a differentiated strategy of acquiring local and regional brokerages and leveraging its platform to enable local offices to deliver above-market organic growth.
JMG represents the latest partnership in GTCR's long history of investing in the insurance ecosystem. GTCR previously founded brokerages Alliant Resources and AssuredPartners and invested in high-net-worth insurance brokerage Winged Keel, insurance carrier Ironshore and insurance technology and data companies itel, Solera and UK-based Premium Credit Limited. This partnership with JMG further builds on that track record as GTCR continues supporting leading platforms across the entire insurance value chain.
"JMG is an exceptional business with a proven track record of M&A execution and organic growth, driven by the outstanding leadership of Nick Houghton and his team," said Aaron Cohen, Managing Director and Head of Financial Services & Technology at GTCR. "At GTCR, we empower talented leaders to drive transformational growth in great businesses, while preserving the values and culture that made them successful. We believe Nick and the JMG team exemplify this approach, and we are excited to partner with them to support the next phase of growth, drawing on insights from our decades of successful investments in the insurance sector."
"From the start, we've built JMG with a client-first culture and a centralized platform that enables our teams to deliver exceptional service. That foundation has fueled our rapid growth and made JMG a natural home for entrepreneurial brokerages across the UK," said Nick Houghton, CEO of JMG Group. "With the GTCR partnership, we're joining forces with a team that shares our long-term vision and core values, and we look forward to leveraging their expertise to accelerate our growth and continue delivering lasting value to our trusted clients."
"The JMG partnership builds on GTCR's successful track record of backing proven leaders and high-quality businesses across Europe, particularly in markets like the UK insurance sector where we have deep history across several deals, including Premium Credit Limited and Callcredit Information Group. That history creates domain expertise and conviction regarding the sector's strong long-term fundamentals," said Michael Hollander, Managing Director at GTCR. "We're excited to support JMG in partnership with Synova during this next chapter and help accelerate their continued growth in a market and geography we know well."
The transaction is expected to close in the third quarter of 2025.
Morgan Stanley & Co. LLC and Jefferies Group LLC acted as financial advisors, and Kirkland & Ellis LLP acted as legal counsel to GTCR.
About GTCR
Founded in 1980, GTCR is a leading private equity firm that pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through organic growth and strategic acquisitions. GTCR is focused on investing in transformative growth in companies in the Business & Consumer Services, Financial Services & Technology, Healthcare and Technology, Media & Telecommunications sectors. Since its inception, GTCR has invested more than $30 billion in over 280 companies, and the firm currently manages more than $45 billion in equity capital. GTCR is based in Chicago with offices in New York and West Palm Beach. For more information, please visit www.gtcr.com. Follow us on LinkedIn.
About Synova
Synova is recognized as one of Europe's most innovative growth investors, generating market leading returns investing in companies valued between £20 and £250 million in the UK, Ireland, and continental Europe. Synova has been consistently recognized as one of the best performing global managers by industry benchmark, Preqin, and was recently awarded Private Equity House of the Year at the 2025 Private Equity Awards.
About JMG Group
JMG Group was established in 2020 following a management buyout of JM Glendinning Insurance Brokers led by Group CEO Nick Houghton and backed by Synova. The JMG Group has ambitious growth plans, built upon supplementing strong organic growth with a series of complementary strategic acquisitions. Now operating with a team of over 750 colleagues across 45 offices – stretching from the highlands of Scotland to the south coast of England – JMG Group has built its reputation as one of the UK's leading insurance brokers through its quality team and range of client services.
GTCR Media Contact:Prosek PartnersJosh Clarkson / Ryan Smith212-279-3115 pro-GTCR@Prosek.com
Synova Media Contact:press@synova.pe
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