Private equity and opportunity investor Searchlight Capital Partners has completed its acquisition of a majority stake in independent insurance intermediary Global Risk Partners (GRP).
First announced in February 2020, the deal will see Mike Bruce take the role of Group Chief Executive at GRP and Andy Homer appointed as Non-Executive Chairman, in addition to his long-standing role chairing the Board of the retail division.
Founders Peter Cullum CBE and David Margrett and founding investor Penta Capital will all retain minority stakes, alongside the broader management team.
Meanwhile, David Margrett will act as Non-Executive Chairman and Peter Cullum will be a Non-Executive Director of the Group Holding Company.
GRP is the UK’s second largest independent insurance intermediary, with gross written premium of almost £800 million.
Founders Peter Cullum CBE and David Margrett commented: “This is an important milestone for GRP, and we are delighted to announce today’s completion. Searchlight is the right partner to support the Group on the next stage of its journey and we look forward to working closely with them as GRP continues to grow.”
“We are also pleased to confirm Mike Bruce’s appointment as CEO, and are confident that he has the experience, skillset and market relationships to drive the business forward at pace and deliver against GRP’s ambitions to further capitalise on the significant market opportunity ahead.”
“GRP is a unique business and I’m extremely proud to become CEO,” added Mike Bruce, Group Chief Executive. “Thank you to both Peter and David for the business they have created and the leadership they have shown. They have been pivotal in GRP reaching this landmark and as highly regarded figures in our industry, I am delighted that we will continue to benefit from their insight, knowledge and experience.
“With Searchlight’s support, we are confident that our rapid growth will continue as we acquire further businesses that fit our culture and model. Our pipeline remains strong and undisturbed by the recent Covid-19 challenges.”
Oliver Haarmann, Founding Partner at Searchlight, also stated: “We are excited to be partnering with Peter, David, Mike, Penta and the entire GRP team to drive the next chapter of GRP’s growth and success.”
“We are pleased to complete our investment into GRP and to begin working with Mike and the management team,” concurred Andrew Frey, Partner at Searchlight. “GRP’s differentiated ‘hub and spoke’ model and entrepreneurial, owner-driver culture has enabled GRP to build a leading market position through impressive growth.”
“By combining local presence with deep data-driven expertise, GRP offers a better product set and a superior service to its clients. We are confident that with our deep investment, industry and operational expertise, we can accelerate the growth of the business and reinforce its position as a leading player in a highly fragmented industry.”
Additionally, Steven Scott and Charles Schrager, Partners in Penta Capital, commented: “We are delighted with the outcome of another successful buy and build by Penta. In just over six years, with our backing, GRP’s market leading management team went from a proposal, to becoming, some 59 acquisitions later, one of the leading independent insurance businesses in the UK. We wish the team well with the next stage of their journey and are delighted to maintain a significant minority interest in the group.”