Investee Company Disposal - Summa Insurance
Date: 11 January 2022
B.P. Marsh & Partners Plc
("B.P. Marsh", "the Company" or "the Group")
Investee Company Disposal - Summa Insurance Brokerage, S.L.
B.P. Marsh & Partners Plc (AIM: BPM), the specialist investor in early-stage financial services businesses, is pleased to announce the conditional disposal of its entire 77.25% shareholding in Summa Insurance Brokerage, S.L. ("Summa"), the Madrid based Spanish insurance broker consolidator, to Acrisure España S.L., part of Acrisure LLC, the global financial services business.
This sale is conditional upon, inter alia, the approval of the Direccion General de Seguros, the Spanish financial regulator, that supervises and controls Spain's insurance sector.
Upon completion, the Group will receive cash consideration of €9,715,484 (£8,113,817), after all associated costs, for its 77.25% shareholding in Summa. As at 31 July 2021, the most recent published valuation, the Group valued its shareholding in Summa at £7,984,000.
As such, the proposed sale represents an uplift of 129,817 over this most recent valuation.
Additionally, upon completion, Acrisure España S.L. will acquire in full the Group's outstanding loan of €1,820,070 (£1,520,018) pursuant to the terms of the disposal, which the Group will receive in cash.
For the purposes of this announcement, all figures have been converted at an exchange rate of €1.1974:£1.
The Group assisted Summa's management team in the formation of Summa in 2005. During this time, Summa has grown its Revenues to over €11.5m, with offices and franchises throughout Spain.
Oliver Bogue, the Company's nominee director on the Board of Summa, will resign from this role on completion of the disposal.
Commenting on this disposal, the Group's Chief Investment Officer, Dan Topping stated:-
"It has been a pleasure to work with Jose Antonio Vargas Gonzalez, Begoña Larrea Quintana and the whole team at Summa since our original investment back in 2005.
"The acquisition by Acrisure will allow Summa to move into its next phase of growth and we wish everyone at Summa all the best for the future.
"The sale of our stake in Summa at this valuation is a testament to Summa's Management Team, considering the effects that the 2008 global financial crisis and now the Covid-19 Pandemic have had on the Spanish economy."
Jose Antonio Vargas Gonzalez, Summa's President and CEO, commented:-
"Following over a decade as our partners in Summa, I would like to thank the B.P. Marsh team for their longstanding support. Whilst Summa have now secured a new partner in Acrisure, B.P. Marsh have been invaluable to getting the business to its current position, for which I am very grateful."
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B.P. Marsh & Partners Plc |
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Brian Marsh OBE |
+44 (0)20 7233 3112 |
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Nominated Adviser & Broker Panmure Gordon (UK) Limited |
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Atholl Tweedie / Charles Leigh-Pemberton / Ailsa MacMaster |
+44 (0)20 7886 2500 |
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Financial PR & Investor Relations |
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Tavistock Communications |
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Simon Hudson / Tim Pearson |
+44 (0)20 7920 3150 |
Notes to Editors:
B.P. Marsh's current portfolio contains fourteen companies. More detailed descriptions of the portfolio can be found at www.bpmarsh.co.uk .
Since formation over 30 years ago, the Company has assembled a management team with considerable experience both in the financial services sector and in managing private equity investments. Several of the directors have worked with each other in previous roles, and all have worked with each other for over ten years.
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