Global Risk Partners has acquired 100% of the share capital of Castle Insurance Services (North East) Ltd (Castle). It marks the first deal for GRP in this part of the UK.
GRP’s Head of M&A Stephen Ross said Castle will become GRP’s base in the North East from which to grow the UK retail business footprint further through acquisition and organic growth.
“We have been searching for a well-established, dynamic brokerage in the North East for some time, and we are really pleased to acquire Castle, a well-regarded, family-owned brokerage which has grown fast since it was established in 1990.”
Stephen added: “We found with previous regional acquisitions that, once we have established a footprint in a particular geography, we are able to accelerate our pipeline of deal opportunities thanks to the local knowledge and contacts generated by the acquired business. We are confident of achieving a similar trajectory with the Castle team.”
Castle was founded by Paul Younger, with his brother Phil joining the fledging business soon afterwards. Paul and Phil are joint managing directors.
Castle operates from offices in Durham (the centre of its operation) with a second office in Newton Aycliffe, and writes a wide range of commercial insurances, as well as some personal lines business. All the current team will remain with the business under new ownership, and it will retain its brand and offices.
Paul Younger said: “This is a perfect moment for us to join the GRP family of businesses. We have seen how other GRP acquisitions have grown rapidly as a result of the added firepower provided by the parent and we want to achieve the same.”
“There is a wealth of opportunity in the North East for entrepreneurial brokerages such as ours, and we look forward to being a key part of GRP’s ambitious plans for this part of the world.”
The deal has received regulatory approval and the consideration is undisclosed.