Penta- and Maven-backed GRP acquires County Group

Following the deal, County intends to focus on its local service offering while also aiming to double in size during the next five years.

The current management team will stay with the business as it moves to new ownership.

Previous funding
In November 2013, GRP received £55m in funding to launch as a London market consolidator, according to unquote" data. The investment came from Penta, Towergate's non-executive deputy chairman Peter Cullum, and Maven Capital Partners (which injected £5m).

The funding was used to support the new company's buy-and-build strategy, which targets acquisitions in the global speciality insurance and reinsurance markets.

Company
Founded in 2003, County is an insurance broker to UK SMEs and individuals. It employs a staff of 278.

GRP was set up by David Margrett, previously president of Willis Global and chair and CEO of Willis, to consolidate London brokers and managing general agents operating in the global speciality insurance and non-treaty reinsurance markets. The company operates out of Penta's office in London.

People
Global Risk Partners – David Margrett (CEO).
County Group – Dave Clapp (CEO).

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• Topics
• Portfolio management
• UK / Ireland
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• United Kingdom
• Penta Capital Partners
• Maven Capital Partners
• Build-up