Print
	Email
	Text size
	Comment

Financial services provider Jelf Group plc has increased its healthcare premium income to some £125 million a year after it bought healthcare and group risk intermediary SPS Wellbeing.

The deal, which also extends Jelf’s reach in the employee benefits market, was worth some £10 million and was funded through a share issue and a bank re-financing.

SPS Wellbeing, which provides its services to SMEs and larger corporates, also adds an additional £100 million gross written insurance premium to Jelf’s business.

This acquisition is part of Jelf’s plan to become the leading corporate consultancy in the South of England and Wales and complements its commercial insurance and financial services operations.

SPS’ founding managing director, Andrew Grigg, continues to run the business from its Hampshire-base and takes an equity stake in Jelf as do several of his staff. Also remaining with the acquired business as consultants are financial director Richard Harrison and commercial director Angus McDonald.

Jelf received legal advice on the takeover by a team at Finers Stephens Innocent LLP (FSI), led by head of corporate Ashley Reeback.

The firm advised on the share purchase agreement and the structuring of Jelf’s banking agreement to part fund the deal as well as managing the legal due diligence review of SPS.

Reeback, who was assisted by lawyer Lindsay Jordan, has advised Jelf since it joined AIM in 2004 and has worked with the group on several acquisitions and fundings. 

FSI’ team included banking partner Graham Reid and head of tax Brain Slater with Stephen Lewis handling the property aspects of the transaction and Alice Giner responsible for the employment issues.

Reeback said this will not be the last time he works with Jelf as it continues to grow. “The transaction demonstrates the board’s commitment in delivering upon their stated strategy of growth by way of targeted acquisitions.”

Comments [0]