Searchlight-backed GRP acquires Premier Choice

Premier Choice will become GRP's healthcare hub.

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.

The firm is expected to drive further acquisitions of healthcare businesses and portfolios, expanding the proposition to offer more healthcare products. 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.

This deal follows GRP's acquisition of RT Williams Insurance Brokers and NIB Insurance Brokers via its south-eastern-UK-focused business Greens Insurance Group.

Premier Choice managing director Claire Ginnelly will continue to lead Premier Choice following completion with Teresa Ostle as operations director. Richard Holden, who has a strong track record of success in the market, including at Chase Templeton, will join the business as Premier Choice's commercial director.

Company
Premier Choice was founded in 1996 in Towcester and has 25 employees. It provides a suite of group risk and protection products to SMEs and retail customers.

People
Global Risk Partners – Stephen Ross (head of M&A).
Premier Health Choice – Claire Ginnelly (managing director).

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