B.P. Marsh & Partners PLC
02 April 2008
Date: 2nd April 2008
On behalf of: B.P. Marsh & Partners Plc ('B. P. Marsh' or the 'Company')
Embargoed until 0905hrs
B.P. Marsh & Partners Plc
Hyperion partners with 3i
B. P. Marsh & Partners Plc (AIM: BPM), a niche venture capital provider to
early stage financial services businesses, today announces that 3i, a world
leader in private equity, has completed a £50m equity investment for a minority
shareholding in the Hyperion Insurance Group ('Hyperion'), a leading
international insurance group specialising in wholesale, retail and reinsurance
broking, and underwriting. B. P. Marsh first invested in Hyperion Insurance
Group in 1994 and will retain a shareholding of approximately 20%.
3i will support Hyperion as it enters its next phase of growth - expanding both
the range of products it provides and the territories in which it operates.
Hyperion was founded in the UK in 1994 and has grown from initially specialising
in Professional Indemnity (PI) and Directors' and Officers' Liability (D&O) to
being a leading global provider of a range of specialist insurances through its
subsidiaries: Howden, DUAL and CFC. Hyperion now services its clients through
its operations across Europe and Scandinavia, the Middle East, Asia, the
Americas and Australia and transacts business in over 50 countries around the
world. The Group has achieved an annual compound growth rate of approximately
40% per annum since its inception.
Commenting on the transaction, Brian Marsh OBE, B.P. Marsh's Chairman, said: 'We
very much welcome this news for Hyperion. We are pleased to be associated with
such an outstanding success story and we see this as a major step forward in
Hyperion's continued growth and development.'
David Howden, Chief Executive of Hyperion, said today of the transaction: 'In
choosing 3i as our partner, it was important to us that they embraced the
entrepreneurial spirit of our group and shared our ambition to build a
world-beating specialist insurance business. I believe they will enhance our
entrepreneurial flair and ability so we will continue to attract and retain the
very best people.
'3i's long established brand, global network and considerable management
expertise, combined with its financial strength, will help us to achieve a
faster pace of growth, organically, through acquisitions, and through start up
operations in new international markets. It allows us to restructure the
existing minority shareholdings in our subsidiaries, and delivers significant
cash flow benefits to the group, increasing our access to further available
Gordon Hague 3i Partner joining the board of Hyperion added: 'We at 3i Growth
Capital are thrilled to be backing Hyperion: a global success story and a leader
in the specialist insurance sector. We have been impressed with the
entrepreneurialism and quality of people at every level. This is an outstanding
management team and we are confident that 3i can bring immense value based on
our experience within the financial services sector and our track record
partnering with ambitious businesses to drive growth globally. This investment
is typical of 3i Growth Capital's partnership style; equity rather than debt,
full alignment of interests, an entrepreneur who retains control of the
business, with 3i bringing the value of our international network to support the
next phase of business growth.'
This builds on 3i Investment Plc's expertise in the financial services sector,
with investments in Jelf Group, ACR, BestInvest, Fulcrum, KNEIP and Gain Capital
amongst others in the last 18 months.
For further information:
B.P. Marsh & Partners Plc www.bpmarsh.co.uk
Brian Marsh OBE +44 (0)20 7730 2626
Nabarro Wells & Co. Limited
David Nabarro/Marc Cramsie +44(0) 20 7710 7400
Redleaf Communications (PR to B.P. Marsh)
Emma Kane/Tom Newman +44 (0)20 7822 0200
Notes to Editors:
About B.P. Marsh & Partners Plc
B.P. Marsh's current portfolio contains twelve companies. More detailed
descriptions of the portfolio can be found at www.bpmarsh.co.uk.
Over the past 18 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.
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 B.P. 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.
Jonathan Newman is the Group Director of Finance and has over 10 years'
experience in the financial services industry. Jonathan advises investee
companies through several non-executive board appointments and evaluates new
Robert King is a Director and Group Company Secretary. He joined B.P. Marsh in
May 2003 having started his career at PricewaterhouseCoopers. Since joining B.
P. Marsh he has taken on responsibility for the Group's legal, compliance and
secretarial functions and played a key role in the flotation of the Company.
Established in 1994 and headquartered in the City of London, Hyperion Insurance
Group is a fast expanding, independently owned insurance and underwriting
company, specialising in worldwide liability and crime insurance and reinsurance
products and services. Comprising offices in 16 countries and employing over 500
people, the Group was awarded a Queen's Award for Enterprise in International
Trade in April 2007.
Hyperion has been ranked for the second year running in the 2008 Sunday Times
Buyout Track 100. It was also ranked 27th in the 2007 Insurance Times Top 50 UK
Brokers league table and 13th in Post Magazine's 2007 Top 25 City Brokers
Hyperion is also backed by specialist private equity investor BP Marsh &
Partners PLC which holds a 20% interest in the business, and Murofo Investments
SA which holds a 17% interest.
3i is a world leader in private equity and venture capital. We focus on
buyouts, growth capital and venture capital and invest across Europe, in the
United States and Asia. Our competitive advantage comes from our international
network and the strength and breadth of our relationships in business. These
underpin the value that we deliver to our portfolio and to our shareholders.
3i Growth Capital is the world's largest growth capital fund investing over
US$3bn every year in businesses across Europe, Asia and the US. We provide
financial and strategic support to established businesses with the potential for
outstanding value growth. We typically invest up to €250m in businesses to help
achieve growth ambitions, restructure shareholdings, release equity or change
the balance of equity to debt and are committed to working in partnership with
3i's recent investments include: Foster + Partners, UK; KNEIP, Luxembourg; Delta
Hydrocarbons, Benelux; UFO Moviez, India; Electrawinds, Benelux; DNA, Finland;
ACR, Singapore; Fulcrum, US; Giraffe, UK; Little Sheep, China; Sten, Spain and
Advanced Power, Switzerland. Recent successful realisations include Grand
Frais, France; SeLoger.com, France; Alimak Hek, Sweden; Salamander Energy, UK;
CH4 Energy, UK; Magix, Germany; Williams Lea, UK and Hayley Conference Centres,
- ends -
This information is provided by RNS
The company news service from the London Stock Exchange