B.P. Marsh & Partners PLC
02 February 2006
Date: 2 February 2006
On behalf of: B.P. Marsh & Partners Plc ('BP Marsh' or 'the Company')
Embargoed until: 07:00hrs
B.P. Marsh & Partners
Admission to AIM
B.P. Marsh & Partners Plc, a niche venture capital provider to early stage
financial services businesses, announces that trading in the Company's shares
will commence today on the AIM market of the London Stock Exchange at 08:00
under the ticker symbol BPM.
The commencement of trading follows the placing of a total of 9.3 million shares
(including just under 7.9 million new shares) at £1.40 per share, raising gross
proceeds of £11 million for the Company (£10 million net of expenses). There
will be a total of 29.3 million shares in issue on admission, resulting in an
initial market-capitalisation of just over £41 million.
BP Marsh typically invests amounts of up to £2.5 million through flexible
investment structures involving equity and often debt. The Company only takes
minority equity positions and normally acquires between 15 per cent and 45 per
cent of an investee company's total equity. The Company insists on its investee
companies adopting certain minority shareholder protections and appointing one
of the Company's directors to the relevant board.
During the last 16 years, BP Marsh's management team, led by Chairman Brian
Marsh OBE, has invested in 25 companies. The Company's successfully realised
investments have been sold at a substantial profit, returning in aggregate over
3 times the initial investment, with two investments returning over 37 times.
At July 31, 2005, the audited net asset value of the Company was £28.9 million.
This represented an increase in net asset value of £26.3 million over the
original capital investment in 1990 of £2.5 million, or an average annual
compound growth rate of 17%, net of all expenses, realisations, losses and
BP Marsh's successful investment model is based on a number of factors,
including considerable experience in the financial services sector, extensive
due diligence as well as a flexible exit-strategy. Moreover, the Company takes a
pro-active approach to new investment opportunities, and has built up an
extensive contact network in the United Kingdom and beyond.
Commenting on the Company's admission to AIM, Brian Marsh, Chairman, said:
'We are delighted to be admitted to AIM. We intend to use the proceeds from this
placement to continue to grow, by financing existing investments as well as
funding new opportunities. Furthermore, I believe that the enhanced profile that
being a public company gives us will greatly help in continuing to attract
high-calibre professionals as well as incentivise our current team.'
Nabarro Wells & Co. Limited acted as Nominated Advisor to the Company, and
Hichens, Harrison & Co. plc acted as broker.
For further information:
B.P. Marsh & Partners Plc www.bpmarsh.co.uk
Brian Marsh, O.B.E. +44 20 7730 2626
Nabarro Wells & Co. Limited
David Nabarro +44 20 7710 7400
Marc Cramsie +44 20 7710 7400
Hichens, Harrison & Co. plc
Graham Atthill-Beck +44 20 7588 5171
Daniel Briggs +44 20 7588 5171
Emma Kane +44 20 7955 1410
Rob Bain +44 20 7955 1410
Notes to Editors:
Additional information about BP Marsh and its management:
Over the past 16 years, 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 three and a
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.
Managing Director, Natasha Dunbar, has over 10 years' experience in the
financial services industry. Having joined the Company in 1994 she was made
managing director in March 2002. Natasha is responsible for the day to day
running of all operational aspects of the business and works closely with Brian
Marsh in defining the strategic development of the Company.
Investment Director Stephen Crowther joined the Company in 1998. He has over 27
years' experience in the London insurance market, in both broking and
underwriting. He researches potential investments, advises investee businesses
and monitors their progress.
Francis de Zulueta is the Company's Development Director. With a wide-ranging
knowledge of the financial services market, he seeks out, researches and
evaluates potential new investments for BP Marsh. Following a 23-year broking
career with Willis Faber and Aon, among others, he took an active interest in
the mergers, acquisitions and venture capital business of Marsh McLennan.
BP Marsh's current portfolio contains nine companies. More detailed descriptions
of the portfolio can be found at www.bpmarsh.co.uk.
Berkeley (Insurance) Holdings Limited
In July 2002 the Marsh Group invested in Berkeley Insurance Holdings, a company
that provides its clients with independent advice on the most suitable choice of
insurance broker in specialist as well as mainstream insurance areas.
Besso Holdings Limited
In February 1995 the Marsh Group assisted a specialist team departing from
insurance broker Jardine Lloyd Thompson Group in establishing Besso Holdings.
The company specialises in insurance broking for the North American wholesale
HQB Partners Limited
In January 2005 the Marsh Group made an investment in HQB Partners, a company
which provides strategic transaction advice, proxy solicitation services, voting
analysis and investor relations services.
Hyperion Insurance Group Limited
The Marsh Group first invested in Hyperion Insurance Group in 1994. The
Hyperion Insurance Group owns, amongst other things, an insurance broker
specialising in directors' and officers' ('D&O') and professional indemnity ('PI
') insurance. A subsidiary of Hyperion became a registered Lloyd's insurance
broker. In 1998 Hyperion set up an insurance managing general agency
specialising in developing D&O and PI business in Europe.
Paterson Martin Limited.
In April 2004 the Marsh Group, in conjunction with a group of actuarial and
reinsurance professionals, founded Paterson Martin. This company uses
sophisticated modelling techniques to assess risk, with a view to providing
counter-party risk and transaction advice.
Portfolio Design Group International Limited
In March 1994 the Marsh Group invested in Portfolio Design, a company which
sells with-profits life endowment policies to large financial institutions. In
2002 the company diversified into investment management.
Principal Investment Holdings Limited
In December 1999 the Marsh Group invested in Principal, a predominantly
discretionary fund manager with both retail and institutional clients.
Public Risk Management Limited
In September 2003 the Group assisted in establishing Public Risk Management, a
company which specialises in the development and provision of risk management
services, including processes and procedures, to the public sector.
Summa Insurance Brokerage, S.L.
In January 2005 the Marsh Group provided finance to a Spanish management team
with the objective of acquiring and consolidating regional insurance brokers in
This information is provided by RNS
The company news service from the London Stock Exchange