Gresham announces successful sale of leading insurance broker Giles

Gresham Private Equity, the UK mid market private equity specialist, today announces that it has successfully exited Giles through the sale of the business to Charterhouse Capital Partners.

Headquartered in Scotland, Giles is a leading UK insurance broker specialising in the provision of commercial insurance cover for recruitment, leisure, construction, charities, PI and motor trade.

Since the £45m management buy-out, led by Gresham’s Manchester office in July 2006, the management team led by Chris Giles has implemented an aggressive organic and acquisition led growth strategy with 10 acquisitions in 17 months which saw turnover more than triple during this period.

Gresham, the buy and build specialist, has supported Giles expansion of its regional network from 17 to 32 offices. Further backing was provided in 2007 by Gresham when it acquired a further 7.5% share in the business.

Chris Giles and the existing management team are remaining with the company and are committed to maintaining Giles’ excellent track record.

Ken Lawrence, Partner at Gresham, who led the exit adds: “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. We have been delighted with our association with Chris Giles and his management team and wish them every success in the future.”

Chris Giles, Chief Executive of Giles comments: “Charterhouse Capital Partners has clearly recognised that the business has significant further growth potential. Gresham have been supportive throughout for which we are grateful.”

Gresham specialises in investing in the financial services sector. Other deals include R P Martin, the UKs oldest inter dealer money broker, 1st Credit, the debt purchase and collection company and Ansa, the insurance claims management company.