CHICAGO and LONDON, Oct. 21, 2025 /PRNewswire/ — GTCR and Synova LLP (“Synova”), two leading private equity firms, announced today that they have closed the previously announced acquisition of UK insurance broker JMG Group (“JMG” or the “Company”). GTCR and Synova will collaborate to support JMG’s strong existing management team, led by CEO Nick Houghton, which will continue to lead 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. Led since 2020 by a partnership of 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 800 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.
“At JMG, we’ve always focused on empowering our people and delivering exceptional outcomes for our clients. Joining forces with GTCR and continuing our partnership with Synova brings together three firms aligned in these values and ambitions,” said Nick Houghton, CEO of JMG Group. “Together, we’re ready to continue setting new standards in service and growth during this exciting new chapter.”
“JMG has built an impressive platform, combining consistent organic growth with thoughtful M&A strategy,” said Aaron Cohen, Managing Director and Head of Financial Services & Technology at GTCR. “We’re thrilled to partner with Nick, Synova, and the broader JMG team to help accelerate their growth journey, leveraging our deep expertise in the insurance sector and our shared commitment to delivering outstanding service to clients.”
“We’re incredibly proud of the growth JMG has achieved since our initial investment, driven by Nick Houghton and his exceptional team,” added David Menton, Managing Partner at Synova. “Our partnership with GTCR represents a powerful combination of shared vision and experience. Together, we’re excited to support JMG as it continues to scale and strengthen its position as a leading UK insurance broker.”
About GTCR
Founded in 1980, GTCR is a leading private equity firm that invests behind 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 approximately 300 companies, and the firm currently manages approximately $50 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 million 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. For more information, please visit www.synova.pe. Follow us on LinkedIn.
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 800 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 Partners
Josh Clarkson / Ryan Smith
212-279-3115
pro-GTCR@Prosek.com
Synova Media Contact:
press@synova.pe
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