JPM Broking Services was founded in 2005 by Andy Bullingham and provides insurance cover for sectors including haulage, transport, manufacturing and engineering.
Philip Chapman, a partner at Knights, said the buyout had been ‘a long time in the making’ and credited the firm’s decade-long relationship with Mr Davis and Mr Griffiths as ‘a solid foundation for a successful buyout’.
Mr Chapman said: “Our legal advice covered corporate, tax, employment and regulatory matters and the collaborative approach was vital in bringing this to a smooth conclusion.
“We also carried out due diligence into the company to ensure our clients can be confident in knowing that what they’re buying is in good shape and there’s no hidden liabilities.”
He described the deal as a ‘positive sign for the region’ and said it secures the future of a ‘well-respected business in the Black Country’.
Mr Davis, speaking on behalf of the new owners, said they valued the ‘extensive advice’ provided by Knights.
He said: “We look forward to working with the team as we expand the business.”