Giles acquired by Charterhouse Capital

by Gill Montia

Story link: Giles acquired by Charterhouse Capital

Glasgow-based Giles Insurance Brokers has been sold to private equity firm, Charterhouse Capital.

Less than two years ago, Giles was acquired in a £45 million management buy-out led by Chris Giles, son of founder, Michael Giles.

The broker then began an “aggressive organic and acquisition-led growth strategy with 10 acquisitions in 17 months”. Turnover has more than triple since and the business is valued at around £180 million.

Prior to the sale, 13% of the company was owned by Gresham Private Equity and Aviva. Andy Marsh, partner at Gresham, comments: “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.”

It is understood that chief executive, Chris Giles, will retain 20% of the shares and will be using the proceeds of sale for further expansion.

The new owners plan to achieve gross written premium of £1 billion by buying small and medium sized brokers across the UK.