Synova-backed JM Glendinning, a specialist broker operating within the commercial lines insurance market, completed the acquisition of a 78% stake in Butterworth Spengler, an insurance broker. Financial terms were not disclosed. “The investment from JM Glendinning will allow us to grow more quickly and recruit some of the best people in the market, whilst our clients will continue to deal with the people they know well. Being part of a larger group will also create career development opportunities for our team, which wouldn’t otherwise exist as a smaller, stand-alone business," John Lacey, Butterworth Spengler Managing Director.