Wed, 12 Jul 2006:
Giles Insurance Brokers, the Glasgow-based insurance company with 17 branches and 300 staff, has undergone a £45m management buy-out backed by private equity firm Gresham. Giles has made 23 acquisitions over the last ten years and under the terms of the deal has gained access to an undisclosed amount of funding to finance further acquisitions. The company aims to double in size over the next two years and expand existing operations within the recruitment, leisure, construction, charities, professional indemnity and motor trade sectors. CEO Chris Giles commented on the buy-out: " 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 gr...
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