GRP is to be acquired by global private investment firm, Searchlight Capital Partners, for an undisclosed amount. As part of the deal, subject to regulatory approval, founders Peter Cullum and David Margrett and founding investor Penta Capital will retain minority stakes, alongside the broader management team. Ares Management will also continue as a capital provider to GRP.

Founded in 2013, the independent insurance intermediary operates retail broking, specialist MGA and Lloyd’s businesses, having grown both organically and through acquisitions. The group manages almost £800m in GWP and employs over 1,600 people.

Upon the completion of the acquisition, group managing director, Mike Bruce, will become group chief executive, while Margrett is to serve as non-executive chairman and Cullum as NED, remaining on the board.

Cullum and Margrett said: “We are delighted that Searchlight will become the new majority shareholder in GRP. Searchlight is an ideal partner and it was obvious from an early stage that its ambition for the business and understanding of the opportunity was closely aligned with the group’s values and vision.”

Bruce added: “Partnering with Searchlight enables us to continue to capitalise on the considerable market opportunity ahead and their experience and relationships will be invaluable to GRP in executing our acquisition-led growth strategy.

Searchlight is a global private investment firm with some £5.3bn in assets under management and offices in New York, London and Toronto.

Partner at Searchlight, Andrew Frey said: “We are delighted to be partnering with GRP and its management team. The Group’s differentiated ‘hub and spoke’ model and entrepreneurial, owner-driver culture has enabled GRP to build a leading market position through impressive growth.”

Founding partner at Searchlight, Oliver Haarmann added: “We look forward to working with GRP to accelerate its growth in a highly fragmented industry through Searchlight’s deep investment, industry and operational expertise, as well as our transatlantic presence.”

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