The Bath office of law firm Royds Withy King has acted as the lead adviser to shareholders of Somerset-based insurance services firm Higos in its sale to major specialist insurance group Global Risk Partners (GRP).
Somerton-based Higos, which employs around 300 people in 20 offices in Somerset, Dorset, South Gloucestershire, Devon, Wiltshire and Hampshire, was founded by managing director Ian Gosden in 1990. 
Mr Gosden, his management team and a total of around 80 staff will receive shares in the new business formed by the takeover.
Mr Gosden will continue to lead the day-to-day running of the business, which was described by GRP as “the leading commercial and personal lines insurance broker in the South West”.
The value of the deal has not been disclosed.
Royds Withy King partner and head of its corporate and commercial team in Bath, Katharine Mortimer, pictured, said: “We were delighted to advise and support Ian and his team on the sale of Higos to GRP.
“We dealt with around 80 employee shareholders as part of the negotiations and are pleased that they will continue to have a stake in the new company as it begins its next chapter.
“This is an interesting time for the financial services market as many firms look to acquire robust businesses which will enable them to grow their market share, gain competitive advantage and strengthen their client proposition.”
GRP CEO of broking Mike Bruce said the firm had a clear priority to build distribution by growing its network of regional UK hubs. The acquisition of Higos meant GRP was now well placed to expand its presence in the South West.
“There will be an immediate focus on accelerating Higos’ recent growth by completing a number of local acquisitions that have already been identified,” he added.
Mr Gosden said: “After 26 years of steering my own ship I am delighted for Higos to join forces with GRP, who are committed to supporting our core values of community broking and independent professional advice.
“With the support of GRP, and my senior management team, I am excited for the future and the increased opportunities we can now take advantage of. I would like to thank the team at Royds Withy King for the important role they played.”
GRP is an investment vehicle aimed at brokers and managing general agents (MGAs) trading in the UK retail and global specialty insurance markets. It is backed by private equity firm Penta Capital.
London law firm Watson Farley & Williams acted for GRP.
