TIDMBPM
RNS Number : 2194D
B.P. Marsh & Partners PLC
29 January 2018
Date: 29(th) January 2018
On behalf of: B.P. Marsh & Partners Plc ("B.P. Marsh", the "Company" or the "Group")
B.P. Marsh & Partners Plc
Investee Company Update - XPT Group LLC
B.P. Marsh & Partners Plc (AIM: BPM), the niche venture
capital provider to early stage financial services businesses, is
pleased to announce that XPT Group LLC ("XPT"), in which the Group
owns a 35% shareholding, has acquired W.E. Love & Associates,
Inc. ("W.E. Love"), a Managing General Agency.
Founded in 1982, W.E. Love is a family-owned business located in
Burlington, North Carolina. W.E. Love specialises in Trucking
Liability and Physical Damage & Motor Truck Cargo, partnering
with a number of insurance markets in the United States.
This acquisition was funded via a proportion of the Group's
investment in XPT and bank financing.
The acquisition of W.E. Love, the second undertaken by XPT in
the last three months, follows the acquisition of Western Security
Surplus Insurance Brokers, Inc. ("WSS"), the Wholesale Broker and
Managing General Agency, based in Dallas and Los Angeles, as
announced by the Group in November 2017.
These transactions are part of XPT's strategic plan to develop a
wholesale insurance broking and underwriting agency platform across
the U.S. Specialty Insurance Sector. This second acquisition
further demonstrates XPT's ability to take advantage of the
significant consolidation opportunities in the
small-to-medium-sized wholesale space in the U.S.
Dan Topping, B.P. Marsh's Chief Investment Officer and the
Company's representative at XPT, commented: "B.P. Marsh is pleased
to announce XPT's second acquisition with the completion of W.E.
Love. The acquisitions of WSS and W.E. Love represent the
continuation of XPT's strategy to develop their presence in the
U.S. specialty insurance market".
Commenting on the acquisition, XPT's CEO Thomas Ruggieri stated
"We are pleased to partner with one of the most experienced,
successful, tech enabled commercial transportation platforms in the
USA. John Love joins Kyle Stevens as evidence of the unique
collaborative partnership we are building. In B.P. Marsh we are
fortunate to have an experienced financial partner enabling us to
develop our individual approach. B.P. Marsh's vision, advice and
support continue to be critical to our success".
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.
- Ends -
This information is provided by RNS
The company news service from the London Stock Exchange
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