Investment in EC3 Brokers
Date: 18th December 2017
On behalf of: B.P. Marsh & Partners Plc ("B.P. Marsh", the "Company" or the "Group")
B.P. Marsh & Partners Plc
Investment in EC3 Brokers
The Board of B.P. Marsh & Partners Plc, the venture capital provider to early stage financial services businesses (AIM: BPM), is pleased to announce an investment into EC3 Brokers Limited ("EC3") through a newly established company, EC3 Brokers Group Limited. This transaction has resulted in the Company taking an effective 20% equity stake in EC3 for a total cash consideration of £5m, in a mixture of Preferred and Ordinary shares.
EC3 is an independent specialist Lloyd's broker and reinsurance broker which provides services to a wide array of clients across a number of sectors, including construction, casualty, entertainment and cyber & technology. EC3 has a focus in the US, UK and Middle Eastern markets.
EC3 was founded by its current Chief Executive Officer Danny Driscoll, who led a management buyout to acquire EC3's then book of business from AJ Gallagher in 2014. Since this Management Buy Out, EC3 has grown rapidly and for the year ended 31st December 2016, EC3 reported revenue of £8.1m and EBITDA of £2.8m. Mr. Driscoll has over 26 years' experience in the insurance market having held positions at Integro Insurance Brokers, Gallagher Re and Aon Benfield.
Commenting on the investment Brian Marsh, B.P. Marsh Chairman stated, "We are pleased to be taking this stake in EC3, a company with an accomplished and experienced management team. We look forward to working with them to develop their business."
Dan Topping, B.P. Marsh Chief Investment Officer, who has been appointed to the Board of EC3 commented, "This is a classic type of investment for B.P. Marsh, investing in an experienced Management Team with a strong plan for growth. B.P. Marsh are also pleased to be investing in another Lloyd's broker, to which we can bring our corporate experience and knowledge. I am looking forward to working with Danny Driscoll and his team to see EC3 achieve its goals."
Commenting on the investment, Mr. Driscoll stated, "EC3 is an established Lloyd's broker with a solid client base and a trusted market position. I am looking forward to entering into this new partnership with B.P. Marsh and working with them to achieve EC3's ambitions going forward."
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 / Charles Leigh-Pemberton / Adam James +44 (0)20 7886 2500
About B.P. Marsh & Partners Plc
B.P. Marsh's current portfolio contains sixteen 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 (Millie) was appointed to the main Board in 2011, following her appointment as Head of Investor Relations in 2009. She has dual responsibilities within the Group, running both Investor Relations and the New Business Department and is Chair of the New Business Committee evaluating new investment opportunities.
Millie is nominee director in one investee company and is a member of the Investment Committee. She has over 20 years of experience in the financial services industry, including numerous Board appointments and 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.
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