Gresham sells Giles to Charterhouse Capital
GRESHAM Private Equity yesterday confirmed the sale of Giles, the Glasgow-based insurance broker, to Charterhouse Capital.
The deal, reported by The Herald on February 25, comes less than two years after a £45m management buy-out led by Chris Giles, son of founder Michael Giles, and barely six months after management and staff sold 13% of the shares to major backer Gresham and new investor Aviva. Though no value was put on the business yesterday, it is reported to have realised an enterprise value of £180m.
Gresham, which styles itself a “buy-and-build specialist”, said: “Since the £45m management buy-out … the management team led by Chris Giles has implemented an aggressive organic and acquisition-led growth strategy with 10 acquisitions in 17 months and which saw turnover more than triple during this period.”
The regional office network had almost doubled to 32 offices, and Gresham had added 7.5% to its stake last year.
Andy Marsh, partner at Gresham, said: “When we invested in Giles two years ago, its ambition was to create a national commercial insurance broker with market-leading specialisms. We believe the business has achieved these ambitions and is now superbly placed to continue its success with Charterhouse Capital Partners.”