GLP completes Gazeley acquisition

GLP has completed the acquisition of Gazeley, and established two new funds and increased the size of its fund management platform by US$4.0 billion to US$43 billion.

Chief operating officer Steve Schutte said: “Europe is a market we have been exploring for a while and this acquisition is the right fit for our business model at the right time. GLP’s strategy is to grow the fund management platform, while expanding our global footprint. We are committed to a long-term growth strategy in Europe and are excited to be further building on the Gazeley brand.”

Nick Cook, the current chief operating officer of Gazeley, will be stepping into the role of president and chief executive.

Current chief executive Pat McGillycuddy will become non-executive chairman of Gazeley after 30 years of service. He said: “Over our 30 year history, we have built a strong reputation for customer service, quality and innovation. I am thrilled to be handing the reins over to Nick, who I know will continue to build on our fantastic progress to date.”

Nick Cook said: “I am delighted to take over the leadership of Gazeley at this incredibly exciting time in our evolution. Our way of working is deeply rooted in a customer-centric culture, continuous innovation and developing best-in-class distribution warehouses. We see a seamless fit with GLP and are excited about the company’s future prospects under this new long-term ownership structure.”