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Recommended Cash Offer for CBG Group plc

1st August 2011


Zeus Capital, the Manchester based Corporate Finance Adviser, is pleased to announce that they have advised CBG Group plc on the Recommended Cash Offer by Giles Insurance Brokers Limited.

Giles Insurance Brokers Limited made a recommended cash offer for the entire issued share capital of CBG Group plc at 32 pence per CBG share. This represented a premium of approximately 54 per cent. to CBG’s closing share price on the last dealing date prior to the announcement that identified Giles as a potential offeror. The Offer Price values CBG’s share capital at approximately £5.1 million.

Wythenshaw based CBG Group is a corporate general insurance, risk management and financial services intermediary, offering a range of insurance and financial planning services for commercial and private clients.

Giles Insurance Brokers has a strategy to grow both organically and by acquisition and to continue to build on its position as one of the leading commercial insurance brokers within the UK. Since March 2008, Giles and its group companies have completed twenty four acquisitions including the acquisition of RA Rossborough Limited in November 2010, the largest independent insurance group in the Channel Islands.

The acquisition of CBG Group provides:

  • the opportunity to extend Giles’ geographic footprint by acquiring one of the largest insurance brokers in the North West of England predominantly focused on corporate and commercial clients;
  • a platform to further develop the CBG Group business with the benefit of Giles’ strong relationships with insurers and wide product base including a number of specialisms; and
  • expertise in key product areas which can be leveraged across the existing CBG Group office network, such as healthcare.

Zeus Capital commented:
“We have advised CBG for many years now helping them raise money and identify acquisitions. It was therefore pleasing to be able to assist them during this final transaction which will see the team now form part of a much larger insurance business”