Searchlight-backed GRP bolts on two insurance brokers

NIB managing director Leo Heatherington and R T Williams managing director Chris Williams will remain in their management roles.

Searchlight bought a majority stake in GRP in February 2020 from Penta Capital, deploying equity via Searchlight Capital II, which held a final close in December 2015 on $1.5bn. According to Unquote Data, the company reported run-rate EBITDA of its operating entities of £50m in December 2019 based on run-rate income of £139m. The company was valued at £800m, according to Unquote sister publication Mergermarket.

GRP said in a statement that it expects to announce further add-on acquisitions in the coming weeks, in spite of challenges posed by the coronavirus outbreak.

Mergermarket reported in February 2020 that GRP planned to pursue a buy-and-build strategy in the insurance brokerage sector. The company was seeking targets with EBITDA of £1-10m and aims to double its EBITDA in the next five years. It has completed 42 bolt-on acquisitions in the past six years.

Company
Both NIB and R T Williams are based in the same office in Brighton. Both insurance brokers cover insurance products including property, commercial and personal insurance, with a customer base largely based in East Sussex, Surrey and London.

R T Williams was founded in 1948 and has 12 employees, according to LinkedIn. It reported turnover of £1.47m in 2019.

NIB reported turnover of £379,000 in 2019 and was founded in 2009. It has two employees, according to LinkedIn.

People
Searchlight Capital – Andrey Frey (partner); Oliver Haarmann (founding partner).
Global Risk Partners – Mike Bruce (group managing director).
Greens Insurance Brokers – Duncan Coleman (CEO).
R T Williams Insurance Brokers – Chris Williams (managing director).
NIB Insurance Brokers – Leo Heatherington (managing director).

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