In a recent trading update, B.P. Marsh & Partners, the specialist investor in early stage financial services businesses, has revealed that as of January 31st, 2020 it had cash of £0.8 million and available cash of £3.8 million.
Included in the company’s unaudited trading update for its year ended 31st January, 2020 is the completion of two new investments, Agri Services Company PTY Limited in Sydney, and London-based Lilley Plummer Risks Limited.
Regarding the former, B.P. Marsh’s fourth acquisition in Australia, the firm acquired a 36% equity stake for £0.8 million, with an additional £0.6 million paid in January 2020. Then, in October of 2019, B.P. Marsh subscribed for a 30% stake in Lilley Plummer Risks Limited, investing £1 million by way of both redeemable and non-redeemable preference shares.
Turning from new investments to follow-on investments and funding, and the firm provided Nexus Underwriting Management Limited with a £2 million revolving credit facility in 2019, which is part of a wider £16 million fundraising exercise.
In April of last year, B.P. Marsh provided specialty lines distribution company, XPT Group with a $2 million loan facility, a firm the Group invested in back in 2017.
The Group also provides some updates on its portfolio by region for the year ended January 31st, 2020. The highlights in the UK include continued, strong growth at CBC UK Limited, ongoing revenue growth at EC3 Brokers Limited, rapid expansion at the Fiducia MGA Company Limited, and the implementation of a significant restructuring and ongoing work on new initiatives at LEBC Holdings Limited.
In Canada, the firm’s portfolio highlights include a new product offering that has been secured by Stewart Specialty Risk Underwriting Limited.
In Australia, the Group’s investments in ATC Insurance Solutions PTY Limited, Sterling Insurance PTY Limited, and MB Prestige Holdings Limited, continue to perform well.
In Singapore, B.P. Marsh notes that Asia Reinsurance Brokers PTE Limited appointed a new Managing Director in 2019 and also appointed a new Director of Reinsurance.
Looking forward, the firm explains that it is well placed in its current financial year, with a solid pipeline of new opportunities, some of which are likely to develop over the coming months.
“The Group will remain disciplined in its approach to the investment process, focusing on niche SME businesses in sectors which the Group understands, with the aim of achieving considerable short and long term growth.
“In addition to this, the Group’s investee companies continue to seek and undertake bolt-on acquisitions,” said the firm.
