The leading private equity organization, Searchlight, is now holding a majority of stake in the GRP. It has successfully closed a deal after confronting with the regulators. Mike Bruce, the group executive, is taking up the Chairman (non-executive) role. Furthermore, the co-founder of the company, Peter Cullum, is now taking on a non-executive director role.
The co-founder and the Chairman (non-executive) will be holding stakes up in the company along with Penta Capital. Pental Capital is the original investor of the company.
While giving an interview with the Insurance Times, Bruce told that the company would be plowing ahead with its strategy of acquiring companies. This will happen during this crisis of COVID-19, and no changes are expected. Both Cullum and Margrett said that this deal was important for GRP. It is the right partner for the company, and they are looking forward to growing together.
They both said that it is a massive testament to what they have done so far. They have acquired more than 59 businesses and are quite confident in the future years. Moreover, they also stated that they see quite a lot of challenges during this pandemic crisis. However, they are confident that they will remain strong and secure their position in the market even during this crisis.
GRP is known to be existing since the year 2013 and has a GWP of about 800 million Euros. With support from Searchlight, GRP is confident of growing more and acquiring many other businesses that best suit their business model and culture.