An initial agreement was reached by the management team of Open International Ltd, the Group holding company of Open GI, Open GI London and Powerplace, to acquire the businesses from its private shareholders in August 2014 with the backing of Montagu, one of Europe’s longest established private equity firms.
The deal sees Peter Cullum and a group of other private shareholders fully exit from the business and the existing management team, led by Chris Guillaume, Group CEO, grow their equity stake.
Chris Guillaume, Group CEO, Open International, commented:
Edward Shuckburgh, Director, Montagu Private Equity LLP, added:
Group Head of Marketing & PR
Notes to Editors:
Open GI is the leading technology partner to general insurance brokers in the UK and Irish markets. Its Core broking platform provides multi-line, multi-channel, multi-brand trading capability complemented by innovative ecommerce and mobile technologies. Open GI is part of the Open International Group alongside sister companies PowerPlace, Open GI London and Blue Fire Communications.