KBS Corporate has advised upon the recent acquisition of Glynwood Insurance Services Limited of Dudley, West Midlands, to nationwide insurance firm, Academy Insurance Services Limited.
Glynwood is an independent community brokerage providing both commercial and personal insurance products. The company operates across three offices, all located within the local community for over 30 years.
Glynwood upholds long standing relationships with some of the UK’s most reputable insurance providers including Ageas, Aviva, AXA and Zurich. In addition, the company boasts a client base with a renewal rate of circa 85%, and a wide spread of accounts in which no single client contributes to more than 10% of turnover.
KBS Corporate identified Glynwood’s unique expertise in the coverage and insurance of specialist vehicles such as campervans, classic cars, kit cars and military vehicles, as a key value driver of the company. This factor was made clear to prospective buyers during the research process, in which over 120 parties were contacted.
The opportunity to acquire Glynwood generated widespread interest, resulting in circa 50 parties registering interest and signing NDAs.
The acquirer, Academy Insurance, is a privately owned insurance broker, providing insurance services to over 60,000 customers annually. The company offers a diverse range of insurance products including car, home, business, travel, pet and life insurance, to name a few.
Kevin Munn, Managing Director at Academy Insurance, noted that Glynwood is an “ideal Academy acquisition” due to the company being “a traditional high street broker with a loyal, predominantly local client base”.
Exiting shareholder of Glynwood, Roger Wood, added “Glynwood and Academy fit well together, and I know that my staff will be well looked after”. Roger has decided to remain within the company for the next year as the business transitions.
Andrew Dodd, Corporate Director at KBS Corporate, advised on the deal.