The acquisition of the chartered broker is part of Jensten’s growth strategy focused on expanding its specialist capacity.
Based in Yorkshire, Packetts operates over £13m gross written premium (GWP), specialising in the commercial, not-for-profit, and training sectors.
The deal will see Marshall Sugden remain managing director of Packetts, which will retain its brand under the Jensten ownership.
Sugden claimed that Jensten’s “flexible and caring approach” made it an obvious choice as the firm’s new owner that can take Packetts to “the next level of growth”.
The transaction marks Jensten’s third acquisition in eight months, as the group looks to build its GWP from £230m to £500m within the next three to five years.
Alistair Hardie, chief executive at Jensten, said: “This acquisition underlines that we are the natural home for entrepreneurial mid-market and specialist community brokers keen to protect and build on their hard-earned legacy and who want to ensure both staff and clients remain central to the business.”
He added that the firm is “well-advanced” in its plans to acquire “a number of brokers” over the coming months, continuing its expansion strategy.