27th Mar 2006 07:01
B.P. Marsh & Partners PLC27 March 2006 Date: 27th March 2006 On behalf of: B.P. Marsh & Partners Plc For immediate release B.P. Marsh & Partners PlcInvestee Company Raises £6m B.P. Marsh & Partners Plc, a venture capital provider to early stage financialservices businesses (AIM: BPM), today announces that one of its investeecompanies, Besso Holdings Limited ("Besso"), a Lloyd's insurance broking group,has successfully raised £6m through the issuance of preference shares. The new money will principally be employed to repay debt and to provideexpansion capital. Current directors and employees, and other existing shareholders, have agreed tosubscribe for approx £1m of the said £6m of preference shares. BP Marsh and asubsidiary of Wachovia Corporation, a significant existing investor in Besso,have agreed to subscribe for the difference on a 40/60 basis reflecting therelative sizes of their existing shareholdings. BP Marsh maintains a 24.7%shareholding in Besso. Besso was established in February 1995, with the assistance of BP Marsh, by aspecialist team departing from Jardine Lloyd Thompson. The company originallyspecialised in insurance broking for the North American P & C wholesale marketbut, through acquisitions of businesses and teams, is now a multi-niche Lloyd'sBroker with an anticipated turnover this year of more than £30m. Commenting on the investment, Brian Marsh OBE, Chairman of BP Marsh, said: "We are delighted to participate in this fundraising package which we believewill enable Besso to achieve its medium to long term ambitions and which, at thesame time, will provide share incentives to attract and retain the stars thatwill be key to achieving those ambitions." Colin Bird, Chief Executive Officer of Besso, added: "It is clear that our shareholders have considerable faith in our ability togrow our business during the coming years and that this faith has been reflectedby the amount of new money that we have raised, particularly from the existingteam. We now feel able to take full advantage of the exciting opportunities thatwe see before us in our rapidly changing marketplace." The investment is the second made by BP Marsh since its flotation on AIM inFebruary 2006. - ends - For further information: B.P. Marsh & Partners Plc www.bpmarsh.co.ukBrian Marsh OBE +44 (0)20 7730 2626 Redleaf Communications (PR to BP Marsh) Emma Kane +44 (0)20 7955 1410Rob Bain +44 (0)20 7955 1410 Notes to Editors: Additional information about BP Marsh and its management: BP Marsh's current portfolio contains nine companies. More detailed descriptionsof the portfolio can be found at www.bpmarsh.co.uk. Over the past 16 years, the Company has assembled a management team withconsiderable experience both in the financial services sector and in managingprivate equity investments. Many of the directors have worked with each other inprevious roles, and all have worked with each other for at least three and ahalf years. Prior to Brian Marsh's involvement in the Company, he spent many years ininsurance broking and underwriting in Lloyd's as well as the London and overseasmarket. He has over 30 years' experience in building, buying and sellingfinancial services businesses, particularly in the insurance sector. Managing Director, Natasha Dunbar, has over 10 years' experience in thefinancial services industry. Having joined the Company in 1994 she was mademanaging director in March 2002. Natasha is responsible for the day to dayrunning of all operational aspects of the business and works closely with BrianMarsh in defining the strategic development of the Company. Investment Director Stephen Crowther joined the Company in 1998. He has over 27years' experience in the London insurance market, in both broking andunderwriting. He researches potential investments, advises investee businessesand monitors their progress. Francis de Zulueta is the Company's Development Director. With a wide-rangingknowledge of the financial services market, he seeks out, researches andevaluates potential new investments for BP Marsh. Following a 23-year brokingcareer with Willis Faber and Aon, among others, he took an active interest inthe mergers, acquisitions and venture capital business of Marsh McLennan. About Besso: • Besso was founded in 1967 but was bought by Colin Bird and his colleagues in 1985. After building up the business they sold it to Jardine Insurance Brokers but then bought it back in 1995 with financial backing from BP Marsh; • Besso employs more than 200 staff. The Group has global capabilities in most classes of insurance. Its most recent areas of expansion include Worldwide Reinsurance (Besso Re), and Captive Management and related products (Risk Solutions); • Besso's goal is to offer clients the full breadth and depth of expertise they have the right to expect of a first-class Lloyd's broker but with the added benefit of the close personal attention that has long been Besso's hallmark; • In 2003, Besso was ranked as the 20th fastest profit-growth firm in the UK in The Sunday Times Profit 100 Survey; it was ranked 52nd fastest growing in the same survey in 2004; in 2005, it was ranked 13th in the Top City Brokers by Post Magazine. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
B.p Marsh