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, has announced a definitive agreement to acquire JMG Group, a prominent UK insurance broker, in partnership with existing investor Synova LLP. GTCR and Synova will support JMG’s existing management team, led by CEO Nick Houghton, who will continue to operate the business while retaining substantial equity ownership.
Headquartered in Leeds, United Kingdom, JMG Group provides 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. The company has achieved this growth through a differentiated strategy of acquiring local and regional brokerages and leveraging its platform to enable local offices to deliver above-market organic growth.
This acquisition represents the latest partnership in GTCR’s history of investing in the insurance ecosystem. GTCR has previously founded brokerages such as 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.
“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.”
Nick Houghton, CEO of JMG Group, commented, “From the start, we’ve built JMG with a client-first culture and a centralized platform that enables our teams to deliver exceptional service. With the GTCR partnership, we’re joining forces with a team that shares our long-term vision and core values.”
The transaction is expected to close in the third quarter of 2025. Morgan Stanley & Co. LLC and Jefferies Group LLC acted as financial advisors, while Kirkland & Ellis LLP served as legal counsel to GTCR.
About GTCR
GTCR is a leading private equity firm founded in 1980 that pioneers The Leaders Strategy™. The firm focuses on investing in transformative growth in companies across various sectors, including Business & Consumer Services, Financial Services & Technology, Healthcare, and Technology, Media & Telecommunications. Since its inception, GTCR has invested over $30 billion in more than 280 companies and currently manages more than $45 billion in equity capital.
About Synova
Synova is recognized as one of Europe’s most innovative growth investors, generating market-leading returns by investing in companies valued between £20 and £250 million in the UK, Ireland, and continental Europe. The firm has been consistently recognized as one of the best-performing global managers by 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 company has ambitious growth plans built upon strong organic growth and strategic acquisitions. Operating with a team of over 750 colleagues across 45 offices, JMG Group has built its reputation as one of the UK’s leading insurance brokers through its quality team and range of client services.
