Statement re Besso Insurance Group Limited
Date: 2nd November 2012
On behalf of: B.P. Marsh & Partners Plc ("B.P. Marsh" or the "Company")
B.P. Marsh & Partners Plc
Besso Insurance Group Limited ("Besso") - Michael Wade buy-out
Following a strategic review of the company and at the conclusion of a successful restructuring of the Besso group, Michael Wade has sold his minority equity stake in Besso. The Group, in conjunction with a consortium of American investors, has taken up the opportunity to increase its equity position in Besso by purchasing Michael Wade's stake.
On 1st November 2012 the Group increased its shareholding by 6.71% for a cash consideration of £0.78m. The Group's equity interest in Besso has therefore increased from 30% to 36.71% (with economic rights over 36.48%).
The American investors, who are well-known to the business, have acquired 5.85% of Besso for a cash consideration of £0.70m.
Michael Wade has stepped down as Chairman of Besso, having made a significant contribution during his tenure, for which we are grateful. Colin Bird, the current CEO, will replace him.
Besso is now ready to enter its next phase of development, having made significant progress in reducing outstanding debt, with the second tier of Management locked into the business by means of an equity stake and with new investors with a deep understanding of the business ready to drive growth.
Our focus is on assisting this growth towards an exit mutually agreeable with Management.
Colin Bird stated: "Michael helped Besso through a restructuring process which has been complex although with a highly successful outcome - I am most grateful to him for his important contribution."
Brian Marsh said: "We have worked closely together with Michael during his role as Chairman of Besso and would like to thank him for his efforts in working with Management and Shareholders and returning the Company to profit following the exit of Union Hamilton as shareholders."
- Ends -
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
Paul Lumbis / Fred Walsh +44 (0)20 7886 2500
Notes to Editors:
About B.P. Marsh & Partners Plc
B.P. Marsh's current portfolio contains nine companies. More detailed descriptions of the portfolio can be found at www.bpmarsh.co.uk.
Over the past 22 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 four 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.
Jonathan Newman is a Chartered Management Accountant and is the Group Director of Finance and has over 15 years' experience in the financial services industry. Jonathan advises investee companies through three non-executive board appointments and evaluates new investment opportunities.
Daniel Topping is a Member of the Chartered Institute of Securities and Investment (MCSI) and an Associate of the Institute of Chartered Secretaries and Administrators (ACIS), having graduated from the University of Durham in 2005. Dan joined B.P. Marsh in February 2007 having started his career at an accountancy firm. In 2011 he was appointed as a director of B. P. Marsh and currently has four nominee appointments and evaluates new investment opportunities.
Camilla Kenyon was appointed as Head of Investor Relations at B.P. Marsh in February 2009, having four years' prior experience with the Company. Camilla holds two non-executive appointments, is Chair of the New Business Committee and is a Member of the Investor Relations Society.
END
This information is provided by RNS
Latest directors dealings
- 1 day ago Savannah Energy
- 1 day ago Buccaneer Energy PLC
- 1 day ago Savannah Energy
- 1 day ago Carclo
- 1 day ago Schroder Japan Growth Fund