Sustainable success: DR&P’s 4x headcount increase following three-year Inflexion investment

DR&P’s partnership with Inflexion delivered a 10x growth in EBITDA and demonstrated that sustainable growth comes from aligning culture, values, and strategy.

David Roberts & Partners (DR&P), a trusted name in UK insurance broking, embarked on a remarkable journey of growth with Inflexion, achieving a tenfold increase in EBITDA and a quadrupling of headcount in just three years.

It began in 2021 after CEO John Page received a recommendation from a contact who had been part of the team at Bollington Wilson, another brokerage which grew through a transformational merger and five subsequent acquisitions under Inflexion’s stewardship to boost EBITDA a staggering 133%. “We wanted more than just capital; we needed a partner with experience and a collaborative mindset,” John reflects.

In a brokerage landscape increasingly shaped by large consolidators, DR&P did things differently. “We’re not typical; we buy DNA rather than EBITDA,” explains John. “If the culture, values, and customer base align, we invest in the business and keep its name. For us, it’s about preserving the unique value each brand has built over decades.”

This focus has meant nurturing growth rather than imposing a standardised model. “Every business we’ve invested in has expanded its headcount, and from that, EBITDA naturally follows. We’re proud to be a growth synergy model rather than a cost synergy model,” he says.

Culture and client focus

DR&P’s growth has been underpinned by its commitment to culture and client outcomes. “Our aim is to deliver positive client outcomes,” John states. “We release people to focus on customers, grow their business, and grow their teams.”

This approach has fostered loyalty and alignment across the 13 businesses acquired. “All the directors, or their next-generation successors, are still with us, which reflects the supportive way we work with our partners,” John notes. This cultural continuity has driven strong client retention, with 95% remaining with DR&P throughout its transformation.

It’s a reflection of our own style of growth. One director contacted me after his earn-out to say ‘'my business feels like the same but twice the size. Thank you - what was written on the DR&P tin is what was in it!,” John recalls. 

Expanding horizons

Initially focused on becoming a northern powerhouse, DR&P’s ambitions quickly grew. An opportunity in Glasgow led to further investments across the UK, with the growing success leading to increased brand recognition and inbound calls. This inspired DR&P to expand south, opening offices in Birmingham and London. International expansion followed with acquisitions such as CLP and ARB, which significantly enhanced DR&P’s global reach.

CLP’s expertise in global marine insurance introduced DR&P to markets in Hamburg, Cyprus, and Athens, while ARB brought access to Europe, Asia, and Australia. “ARB was transformational for us,” John explains. “Their longstanding binders and underwriting capacity gave us the ability to serve clients worldwide, which was a game-changer for our business.”

By 2024, DR&P had grown from 50 to over 400 people, operating across 15 offices in the UK and Europe, and handling over £620 million in gross written premiums to achieve a tenfold increase in EBITDA. These impressive results saw independent specialist insurance and reinsurance broker BMS Group acquire the business in 2024.

“Inflexion were incredibly supportive,” John states. “Their Manchester office was important to us; it allowed us to build a northern powerhouse without being London-centric.” Its ambitious M&A programme was complemented by industry leading organic growth of 23%, with its focus on clients and acquiring and respecting DNA key to its ongoing success. He adds that surpassing targets in the first two years saw Inflexion enable DR&P to crystallise some of the value they’d created. “It was great to prove the story works. It was a fast rodeo and a really enjoyable one for us.”