Bollington joins fellow Groupama-owned broker Lark in seeking MBO
Manchester-based broker Bollington is being courted by a number of private equity firms to help with a management buyout, with Giles’s former backers Gresham leading the chase, Insurance Times understands.
Bollington is up for grabs following Groupama’s decision to sell its UK assets.
Staff and management, including chairman Paul Moors (pictured above), currently have a minority shareholding of 40% and could use private equity funding to buy themselves out of Groupama ownership.
Gresham ploughed £45m into Giles in 2006 and sold its 41% stake at the height of the buyout boom in 2008 for a significant profit.
Groupama’s other broker, Lark, is also lining up investors for a management buyout. It is not yet clear if Gresham will be involved in that deal as well.
Bollington declined to comment other than to say it was “business as usual”. No one from Gresham was available for comment.
No comments yet