Penta-backed GRP buys Digney Grant

GRP has also acquired DCJ Group Insurance and Risk Management in the past month. The group has acquired 33 businesses in total. 

Based in Belfast, ABL services a wide range of industries, including construction, commercial property, hotel and leisure, manufacturing and automotive. The business has gross written premiums of around £700m. 

Previous funding
Penta injected £50m in GRP in 2013. Towergate's non-executive deputy chairman Peter Cullum and Maven Capital Partners also participated in the round, investing £5m. At the time of the transaction, Penta said GRP will more than £100m available for its buy-and-build strategy.

Towergate Commercial Property Underwriting, a UK and European property risk underwriter, was the group's first acquisition.

Company
Founded in 2000 and headquartered in Newry, Digney Grant transacts commercial and personal business lines, providing motor, home and commercial insurance. The business operates 21 offices throughout Northern Ireland.

People
Abbey Bond Lovis - Maurice Boyd (managing director).
Digney Grant - Anthony Boden, Sean Grant, Paul Grant (directors).
GRP - Mike Bruce (CEO).

Advisers
Equity - Wedlake Bell (legal).

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• Topics
• Expansion
• UK / Ireland
• Financing
• Ireland
• Penta Capital Partners
• Build-up