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LONDON (Alliance News) - BP Marsh & Partners PLC on Friday said it has purchased an effective 35% stake in independent wholesale and retail Lloyd's insurance broker CBC UK Ltd.
BP Marsh said it has teamed up with CBC's management team to buy out an existing shareholder, leading to a 50% stake being acquired by the management team, 15% being acquired by Andrew Wallas, who will join CBC as a non-executive director, and 35% being acquired by BP Marsh.
BP Marsh said it made the investment through a newly established vehicle named Paladin NewCo Ltd, which BP Marsh provided with GBP4.0 million worth of funding - mostly as a loan with BP Marsh only paying GBP3,500 to acquire a 35% stake in Paladin, through which it will hold its interest in CBC.
CBC offers a wide range of services to commercial and personal clients as well as broking solutions to intermediaries. In 2017, CBC is forecast to generate GBP5.5 million worth of revenue and earnings before interest, tax, depreciation and amortization of GBP634,000.
BP Marsh closed up 1.5% on Friday at 202 pence.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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