ITASCA, Ill., Sept. 4, 2013 /PRNewswire/ -- Arthur J. Gallagher & Co. (NYSE: AJG) today announced that it has signed an agreement to acquire the Giles Group of Companies (Giles) headquartered in London, England. The transaction is subject to regulatory approval and is expected to close October 2013.
Giles is an independent retail broker in the United Kingdom with over 1,100 employees operating out of 43 offices in England, Scotland, Wales, Northern Ireland, Isle of Man and the Channel Islands.
"We continue to look for outstanding international partners that have a similar growth strategy and operating structure, and this is what we found in Giles. Most importantly, Giles has a team-based sales culture which matches ours. With our combined resources, we will be able to offer new and current clients additional and/or expanded sales and service capabilities," said J. Patrick Gallagher, Jr., Chairman, President and CEO. "Together, we can significantly expand our operations in England and Scotland as well as add operating platforms in Northern Ireland, Wales, Isle of Man and the Channel Islands. We are proud that this outstanding team of professionals will be joining the Gallagher family."
Brendan McManus, CEO of Giles, said: "Our team has been really impressed by the Arthur J. Gallagher culture and the level of engagement between the senior teams. It's a great opportunity to combine two high performing businesses and deliver an even better proposition to our clients."Together Gallagher and Giles will continue their common strategies of growing organically and through mergers and acquisitions, improving productivity and enhancing service quality, and maintaining a unique sales culture. Benefits of the acquisition are expected to include:
- Significantly expanding Gallagher's client base in the U.K middle-market;
- Adding significant growth in Gallagher's underwriting footprint through current underwriting business and increased retail distribution opportunities through broker networks;
- Cross-selling opportunities across the combined network;
- Complementing and expanding specialized niche practice groups;
- Combining strong production talent that builds on Gallagher's successful sales team platform;
- Driving longer-term operational efficiencies through a consolidated platform;
- Little overlap with Gallagher's current locations.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts