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Charterhouse ready for £250m Giles Insurance exit, scraps Card Factory sale

3 Sep 2013

insurance contract formUK private equity firm Charterhouse is reportedly ready for the imminent sale of Glasgow-based Giles Insurance Brokers in a deal which could value the company at about £250m.

The exit to strategic buyer Arthur J Gallagher could be announced as soon as this week according to the FT, which cited people familiar with the matter.

But it added that the firm had dropped plans to sell greetings card maker The Card Factory after receiving bids it believed undervalued the business, which is estimated to be worth more than £500m including debt.

The firm will now focus on refinancing The Card Factory ahead of a possible IPO, the sources said.

Bidders were thought to include Cinven, Advent International, KKR and Clayton Dubilier & Rice according to a previous report in the Telegraph newspaper.

Earlier this year AltAssets reported that Charterhouse was considering a 12 month extension to the investment period of its €4bn ninth fund.

The firm has until next March to finish investing the vehicle, which has about £1.6bn left to draw down.

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