JMG Group is a specialist UK Top 50 commercial lines insurance broker offering a broad product set to a well-diversified client base. An attractive niche for a number of reasons. Not least, the highly fragmented nature of the sector provided ample opportunity for intelligent consolidation as well as organic expansion. Synova’s familiarity with the sector; following our successful exit of Stackhouse Poland; and expertise in acquisition-led growth, meant we were well-placed to support the next stage of JMG’s development.

JMG’s strong reputation, market-leading organic growth, and robust revenue streams, attracted us early on. Having reached out to the founders, we built a relationship with the already-strong team. In conjunction with our investment, JMG welcomed in Tim Johnson, former Stackhouse CEO, as their new Chair.

We knew from the start that the building blocks for success were already there at JMG. Together we felt we could take things to the next level.

We began by investing heavily in the Company’s infrastructure including the tech stack, the people, and a dedicated integration team to assist with acquisitions, which were central to future growth. Indeed, over our partnership, JMG made 64 successful acquisitions, adding EBITDA of £30m.

But acquisitions weren’t our only path to growth. Over the course of our investment, JMG also evidenced substantial organic growth, generating mid-teens organic growth rates throughout our investment period relative to mid-single digits wider industry growth averages. 

Having first invested in 2020, we sold a majority stake in the Group in 2025 to GTCR, following a targeted and highly competitive auction process, generating a return of 5.6x cost. We chose to re-invest for a significant minority stake alongside GTCR and are excited about continuing the journey.