Progeny sells majority stake to private equity firm

The firm, which has 230 employees, said the investment would be used towards continuing its "established acquisition strategy" by buying "select firms that add defined and significant value for clients and shareholders". Progeny's senior management team will remain, the firm said, while Chris Giles, a former chairman of insurance brokerage consolidator PIB, will join the board and investor group. Management and existing capital partner LSG Holdings will remain invested as "significant" shareholders in the company, Progeny added. The access to additional capital will fuel organic gr...