Charterhouse Capital has bought 41% stake in broker
Private equity house Gresham has sold its 41% stake in Giles to Charterhouse Capital for an undisclosed sum.
Aviva-owned Norwich Union is also thought to be in talks with Charterhouse about selling its 7.5% stake.
The broker’s chief executive, Chris Giles, currently owns a 20% stake. He plans to remain with the company, Gresham said today.
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 it now superbly placed to continue its success with Charterhouse Capital Partners.”
Chris Giles said: “Charterhouse has clearly realised that the business has significant further growth potential.”
