Gresham Private Equity Backing Giles Management Buyout

July 11, 2006

Gresham, a U.K.-based mid market private equity specialist, announced that it has backed Chris Giles and the management in the management buyout of Giles Insurance Brokers Limited, one of the UK’s fastest growing commercial insurance brokers, in a deal valued at £45 million ($82.9 million).

“Giles’ strategy is to continue to build its regional network and to take a leading role in the consolidation of the fragmented commercial insurance market,” said the bulletin. “Giles has an aggressive organic and acquisition led growth strategy. As part of the transaction Giles have also secured access to additional funding lines to make further acquisitions. The company aims is to double the size of the business in the next two to three years, targeting premiums of £250 million [$460 million]. It also intends to increase its areas of specialization, which already account for 50 percent of turnover. Giles are aiming for an IPO within the next three years.”

The broker is headquartered in Glasgow, Scotland, and operates through a national network of 17 branches. They are a newly accredited member of Lloyds of London and will be seeking to expand their presence in the London market through developing this relationship.

CEO Chris Giles commented: “We intend to rapidly build the business through a mix of organic growth and through acquisitions. Over the past few years we have invested heavily in the infrastructure of Giles and we will continue to do so. This, along with Gresham’s investment, should create the right platform and environment to attract the best people and high quality acquisitions. We are delighted to have partnered with Gresham who we believe will support us as we implement our growth strategy.”

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