The Herald

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.”

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