Jelf Group acquires Hertfordshire-based Libra Insurance

(ShareCast News) - Jelf has acquired Hertfordshire-based general insurance broker Libra Insurance Services for an undisclosed sum.Jelf, which provides a broad range of insurance, financial services and employee benefit services to corporates and individuals, said the purchase price is within the valuation range of recent Jelf deals and the structure of the deal is consistent with recent acquisitions.It said a large proportion of the purchase price has been deferred, with its payment contingent upon the delivery of an agreed increase in the Libra's core earnings. In addition, the directors who are remaining with the business have given undertakings to use a significant portion of the initial and deferred consideration to purchase Jelf shares.The deal will be funded through an existing loan facility with Barclays and will not require additional financing, the company said.Jelf said that all of Libra's employees, including both of the active directors are remaining with the company.Jelf chief executive, Alex Alway, said: "This is another important acquisition for Jelf; with our proven integration model, we are confident that it will be profitable for the group - adding further weight to an ever growing track record for successful acquisitions."At 10:24, Jelf shares were up 2.7% at 210p.