Recent deals

November 2023
Hines Associates advises the shareholders of Romero Group on its sale to AssuredPartners

Hines Associates is delighted to announce that it advised the shareholders of Romero Group on its sale to AssuredPartners

Founded in 1997 by Justin Romero-Trigo, Romero has enjoyed exceptional growth and become one of the largest independent commercial insurance brokers in the UK, controlling over £100m of GWP and employing 205 staff across 5 regional offices.

Operating over a wide range of industry sectors, Romero has particular expertise in construction and manufacturing placements and is a market leader in the leisure and sports club sector via its Club Insure brand. All staff will stay in place post-acquisition under the leadership team of Justin Romero-Trigo (Group CEO), Simon Mabb (Group MD) and Victoria Romero-Trigo (Group COO).

David Heathfield, CEO of AssuredPartners UK and Ireland, commented:
“It’s not just the scale of Romero that sets it apart from its independent peers but the way in which the business has been structured to ensure clients receive an unrivalled level of service from placement to claims advocacy. Our largest acquisition to date, the addition of Romero to our growing group is a key milestone in our expansion plans and the combination of these two powerful brands will create better solutions for our clients and provide great opportunities for all staff.”

Justin Romero-Trigo, Founder of Romero, commented:
“AssuredPartners have met all our requirements in continuing our exceptional service to our clients. I am proud that after 26 years we have secured a like-minded partner who will allow us to continue and reinforce our growth trajectory. I would like to pay testimony to my staff and management team who have given me 100% at all times, we have and continue to achieve greatness in every area we operate in. Our constant drive for change and growth is in-built in our DNA and we needed a partner that would enable us to continue to flourish and maintain our entrepreneurial spirit. I am pleased to say that in AssuredPartners we have found the perfect partner and with our strong leadership through Simon and myself we are in safe hands.”

Simon Mabb, Group MD of Romero, commented:
“I’m really pleased that we have been able to find the forever home for the Romero businesses. We were very clear that we had to join a business with the same cultural alignment for our staff and clients. I’d also like to thank all the team at Romero for their hard work over the years to make the businesses the huge success they are today. Lastly, I’d like to publicly thank Justin for his unwavering support to me personally over the last 15 years, I look forward to working with him and the AssuredPartners team to continue our journey.”

Separately, Simon Mabb noted:
“We chose Hines for their proven expertise and successful track record in selling scale insurance brokers, coupled with their exceptional connections within the buyer universe. The Hines team demonstrated their sector knowledge by ensuring our thorough preparation before entering the market, allowing us to conduct a focused and selective auction process with pre-screened parties aligned with our transaction objectives. Early identification of the key diligence areas by Hines ensured we maintained control throughout the deal, ultimately leading us to form a partnership with the best firm that will deliver value for our shareholders, staff, and clients. The deal team exceeded our already high expectations and we were impressed by their professionalism and attention to detail. We look forward to the next stage of our journey and are thrilled with the outcome.”

Dilipe Arul, Partner at Hines, commented:
“We are delighted to have advised Romero on its sale to AssuredPartners. As an independent family-owned business, the shareholders entrusted us with the responsibility of upholding specific core values; we were tasked with finding a partner that could enhance the Group’s service to clients and provide its staff with considerable opportunities to advance their careers. AssuredPartners promptly recognised the quality and unique nature of Romero’s operations and demonstrated their strong conviction throughout the process. We are delighted to have identified the ideal partner for the business and extend our best wishes to the Romero team for continued success in the future.”