TIDMBPM
RNS Number : 0023S
B.P. Marsh & Partners PLC
15 December 2016
Date: 15 December 2016
On behalf of: B.P. Marsh & Partners Plc
Immediate release
B.P. Marsh & Partners Plc
("B.P. Marsh", "the Company" or "the Group")
Further Investment in Nexus Underwriting Management Limited
B.P. Marsh & Partners Plc (AIM: BPM), the niche venture
capital provider to early stage financial services businesses, is
pleased to announce that it has acquired a further 6.87% in Nexus
Underwriting Management Limited ("Nexus"), an independent specialty
Managing General Agency ("MGA"), for a total consideration of
GBP4.0m.
B.P. Marsh has acquired 219,178 A Ordinary shares of Nexus, from
Colin Thompson and Ian Whistondale, two of the founding
shareholders. This acquisition takes B.P. Marsh's shareholding in
Nexus to 18.8%.
B.P. Marsh made an initial investment into Nexus in August 2014,
acquiring 5%, and since then has acquired additional interests by
means of successive follow-on investments in June 2015 and December
2015. Since B.P. Marsh's original investment, Nexus has grown from
premium income of GBP60m in 2014 to in excess of GBP120m (forecast)
in 2016. In regard to Commission Income, this has grown from GBP13m
in 2014 to a forecast of GBP20m in 2016.
Nexus is one of the largest independent specialty MGAs in the
London Market. It operates across a number of specialist insurance
sectors, including Financial Lines, Trade Credit & Political
Risk, Surety, Bond, Marine, Accident & Health and various other
niche areas of insurance, where its expert skills come to the
fore.
Dan Topping, the Company's Chief Investment Officer and nominee
director on the Board of Nexus, stated "We are very pleased to take
this further stake in Nexus. We consider the business to be capable
of strong and sustainable growth over the coming years and look
forward to continuing to work with the Management Team to achieve
this. A partnership with B.P. Marsh not only brings capital, but
also the expertise and support of our people and the opportunities
delivered by our network, and we believe this has been demonstrated
by Nexus's development during the two years of our investment."
Colin Thompson, the Chairman of Nexus, stated "This transaction
provides an opportunity to rebalance our shareholder base, which is
crucial for us as we move forward . It is also indicative of the
demand that exists for investment in Nexus, especially as our
EBITDA for 2016 will surpass GBP5m and is planned to exceed GBP7m
next year. In addition, we have a number of exciting M & A
opportunities which we hope to conclude on during Q1 next year. It
is therefore important that we start organising our capital base
appropriately to take into account where we are now heading."
For further information:
B.P. Marsh & Partners Plc www.bpmarsh.co.uk
Brian Marsh OBE / Camilla Kenyon +44 (0)20 7233 3112
Nominated Adviser & Broker
Panmure Gordon
Atholl Tweedie / Adam James / Charles Leigh-Pemberton +44 (0)20 7886 2500
Notes to Editors:
About B.P. Marsh & Partners Plc
B.P. Marsh's current portfolio contains thirteen companies. More
detailed descriptions of the portfolio can be found at
www.bpmarsh.co.uk.
Since formation over 25 years ago, the Company has assembled a
management team with considerable experience both in the financial
services sector and in managing private equity investments. Many of
the directors have worked with each other in previous roles, and
all have worked with each other for at least five years.
Prior to Brian Marsh's involvement in the Company, he spent many
years in insurance broking and underwriting in Lloyd's as well as
the London and overseas market. He has over 30 years' experience in
building, buying and selling financial services businesses,
particularly in the insurance sector.
Alice Foulk joined B.P. Marsh in September 2011 having started
her career at a leading Life Assurance company. In 2014 she took
over as Executive Assistant to the Chairman, running the Chairman's
Office and established herself as a central part of the management
team.
In February 2015 she was appointed as a Director of B.P. Marsh
and a member of the Investment Committee. In January 2016 Alice was
appointed Managing Director of B.P. Marsh.
In her position as Managing Director, Alice is responsible for
the overall performance of the Company and monitoring the Company's
overall progress towards achieving the objectives and goals of the
Company, as set by the Board.
Dan Topping is the Chief Investment Officer of B. P. Marsh,
having been appointed as a Director in 2011. He joined the Company
in February 2007, following two years at an independent London
accountancy practice. Dan is the Senior Executive with overall
responsibility for the portfolio and investment strategy of B.P.
Marsh.
Dan graduated from the University of Durham in 2005 and is a
member of the Securities and Investment Institute and the Institute
of Chartered Secretaries and Administrators.
Dan is a standing member of the B.P. Marsh Investment and
Valuation Committees and currently serves as a Board Director
across the portfolio.
Camilla Kenyon was appointed as Head of Investor Relations at
B.P. Marsh in February 2009, having four years' prior experience
with the Company. She was appointed to the main board in 2011.
Camilla is Chair of the New Business Committee evaluating new
investment opportunities. She has a number of nominee directorships
over two investee companies and is a standing member of the
Investment Committee. She is a Member of the Investor Relations
Society.
Jonathan Newman is a Chartered Management Accountant and is the
Group Director of Finance and has over 17 years' experience in the
financial services industry. Jon graduated from the University of
Sheffield with an honours degree in Business Studies and joined the
Group in November 1999, following two years at Euler Trade
Indemnity and two years at a Chartered Accountants. Jon is a Member
of the Chartered Global Management Accountants, the Chartered
Management Accountants and the Chartered Institute of Securities
and Investment.
Jon was appointed a Director of B.P. Marsh & Company Limited
in September 2001, and Group Finance Director in December 2003 and
was instrumental in the admission of the Group to AIM in February
2006. Jon is a member of the B.P. Marsh Investment and Valuation
Committees and currently serves as a Board Director for Walsingham
Motor Insurance Limited, and provides senior financial support and
advice to all companies within the Group's portfolio as well as
evaluating new investment opportunities.
- Ends -
This information is provided by RNS
The company news service from the London Stock Exchange
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