The Jelf Group has acquired healthcare and group risk intermediary SPS Wellbeing in a deal worth approximately £10m.
SPS Wellbeing is an independent consultancy with a client list that includes around 1,600 SME corporate clients, 160 larger corporate clients, around 2,250 schemes and 3,000 individuals. The acquisition will increase the Jelf Group’s healthcare gross premium income to approximately £125m per annum.
All 70 members of SPS Wellbeing staff will be incorporated into the Jelf Group. Managing director and founder, Andrew Grigg, will continue to run the SPS Wellbeing business within the Jelf Group. Richard Harrison, financial director and Angus McDonald, commercial director, will both stay on in a consultancy capacity.
"Being a acquired by a company as like-minded as the Jelf Group will be extremely advantageous for our clients and employees – two stakeholder groupings that have been at the heart of SPS Wellbeing’s success over the years. The fact that our clients will benefit from the Jelf Group’s innovative online benefits solution is a very exciting prospect," said Grigg.
Alex Alway, group chief executive of the Jelf Group, added: "By joining forces with SPS Wellbeing, we extend our reach within the employee benefits arena and will offer an outstanding proposition. Not only will our clients benefit from the broadened healthcare expertise, but SPS Wellbeing’s clients will have at their disposal a broader range of services."
The Jelf Group has engineered six acquisitions in the financial year that ended on 30 September 2006.