Gresham makes premium sale

Gresham Private Equity, the London-based firm, has sold Giles, a British insurance broker, to Charterhouse Capital Partners for a reported £185m.

A Scottish outfit specialising in providing commercial insurance cover for recruitment, leisure, construction, charities and the motor trade, it was acquired by Gresham in a £45m MBO in July 2006 out of its Manchester office.

Over the last 17 months, the company, led by Chris Giles, has grown organically and through acquisitions, buying 10 companies and trebling turnover. It has increased its office network from 17 to 32 and received further backing from Gresham in 2007 when the firm increased its stake by a further 7.5%.