B.P. Marsh & Partners PLC
Date: 17th December 2013
On behalf of: B.P. Marsh & Partners Plc ("B.P. Marsh", "the Company" or "the Group")
Immediate release
B.P. Marsh & Partners Plc
Investment in MB Insurance Group PTY Ltd
B.P. Marsh & Partners Plc (AIM: BPM), the niche venture capital provider to early stage financial services businesses, is pleased to announce that it has acquired a 40% equity position in MB Insurance Group PTY Ltd ("MB Group") for AU$0.8m.
MB Group is a Managing General Agent (MGA), headquartered in Sydney, Australia. MB Group is recognised as a market leader in respect of prestige motor vehicle insurance in all mainland states of Australia.
B.P. Marsh have partnered with MB Group's management team to buy out an existing shareholder, delivering a 60% shareholding to MB Group's management team and 40% to B. P. Marsh.
The Chairman of MB Group, Bob Lee, has a 40 year track record in the industry and was formerly CEO of Stardex Insurance Group, which under his leadership became the largest independent underwriting agency in Australia and New Zealand, and has held other senior roles in the insurance industry arena with RSA and AMP.
MB Group's Managing Director, Mike Mathews, has over 30 years' experience in the insurance industry having held a number of senior positions at AMP and NZI Insurance.
For the year ending 31st December 2012, MB Group produced operating revenue of AU$2.4m and achieved profits of AU$0.93m.
In addition to the equity investment, B.P. Marsh has agreed to provide MB Group with loan funding of AU$1.4m.
The investment will be used to develop MB Group's market leader position by delivery of new products and using their extensive broker network as a platform for success.
Dan Topping will join the Board of MB Group as a Non-Executive Director.
This investment increases B.P. Marsh's portfolio to 12 companies.
Commenting on the transaction Brian Marsh Chairman of the Group stated:
"Investment in an established, successful business like MB Group falls within our heartland. We look forward to working with a strong and experienced Management team to enable them to deliver robust results and good growth".
Commenting on the investment Bob Lee, Chairman of MB said:
"Having a successful international investor in BP Marsh and Partners PLC join our Company is an exciting opportunity. Their vast experience and insurance connections, will assist the MB team in profitably growing the business. We are looking forward to working with Brian and his team in this exciting phase of MB's development."
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
Fred Walsh / Charles Leigh-Pemberton / Atholl Tweedie +44 (0)20 7886 2500
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.
Since formation over 20 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.
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, has a number of non-executive appointments over two investee companies 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 a number of non-executive appointments over six investee companies 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 has a number of non-executive appointments over two investee companies, is Chair of the New Business Committee and is a Member of the Investor Relations Society.
Natasha Dunbar has over 18 years' experience in the financial services industry. Having joined the Company in 1994 she was made managing director in March 2002, subsequently becoming a non-executive director of the Company in 2008, a position she held for five years. Natasha was reappointed as a Director in February 2013 and holds a non-executive appointment one of our investee companies.
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