Penta- and Maven-backed GRP acquires Greens

Kenny Wastell
19 June 2017

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Penta Capital- and Maven Capital Partners-backed UK insurance broker Global Risk Partners (GRP) has acquired a majority stake in Green Insurance Group (Greens).

Following the deal, Greens' management team, including chairperson Clive Galbraith and managing director Duncan Coleman, will retain a minority stake and continue to lead the company.

The acquisition comes almost four years after Penta, Maven and former Towergate chairperson Peter Cullum invested £55m in GRP to fund its build-up strategy. The initial investment gave GRP the capacity to invest in excess of £100m.

Since the start of 2016, GRP has acquired Somerton-based Higos Insurance Services and Leeds-headquartered Marshall Wooldridge. It also recently opened a commercial insurance broking office in Newmarket, Suffolk.

Company
Founded in 1973 and headquartered in Bexhill-on-Sea, East Sussex, Greens provides insurance products, including home-owner, home contents, unoccupied property, automotive and business coverage. It has a headcount of 80, with four offices across the south-east of England.

Greens generated a turnover of £5m in the year ending March 2016, with EBITDAE of £1.9m, according to publicly available documents.

People
Global Risk Partners – David Margrett (CEO).
Green Insurance Group – Clive Galbraith (chairperson); Duncan Coleman (managing director).

Advisers
Equity – Watson Farley & Williams, Nigel Taylor, Simon Elliott, Richard Pyke, Tom Jarvis, Devan Khagram, Robert Young (legal, tax).