Rix & Kay have completed a high profile majority share sale on behalf of their client’s, Green Insurance Group who have offices across East Sussex and in Kent and London.
The deal, which has been reported by Insider, sees Global Risk Partners (GRP) acquire a majority stake for an undisclosed sum.
Greens was founded in 1973 and writes both commercial and personal lines business. The management team, including chairman Clive Galbraith and managing director Duncan Coleman retain equity and will continue to run the business, which employs 80 people.
Galbraith said: “Greens has itself been an acquirer of brokers for over 20 years, having bought 25 other brokers, and we are now in a good position to deliver our pipeline and expand the footprint to cover most of the South East.
“This acquisition is a vote of confidence in our people and our strategy and we look forward to a successful future with GRP.”
Alan Zeal, Corporate Partner at Rix & Kay, who led the deal team commented,
“We’ve been working with Greens now for sometime and our trusted relationship, coupled with our deep understanding of their business and strategic objectives, allowed us to manage this deal smoothly and cost effectively. We feel we have delivered real value for our client.”