Specialist early-stage investor B.P. Marsh & Partners has announced the sale of its entire 77.25% shareholding in Summa Insurance Brokerage (Summa), the Madrid based Spanish insurance broker consolidator, to Acrisure España, the Spanish subsidiary of the global financial services business.
Upon completion, the group will receive €9,715,484 (£8,113,817), after all associated costs, for its share.
As at 31 July 2021, the most recent published valuation, the Group valued its shareholding in Summa at £7,984,000.
The proposed sale will have uplifted this valuation by £129,817.
Acrisure España will acquire in full the group’s outstanding loan of €1,820,070 (£1,520,018) pursuant to the terms of the disposal, which the group will receive in cash.
B.P Marsh assisted Summa’s management team in the formation of Summa in 2005. During this time, Summa has grown its Revenues to over €11.5m, with offices and franchises throughout Spain.
Oliver Bogue, the company’s nominee director on the Board of Summa, will resign from this role on completion of the disposal.
This sale is conditional upon the approval of the Spanish financial regulator.
Dan Topping said: “It has been a pleasure to work with Jose Antonio Vargas Gonzalez, Begoña Larrea Quintana and the whole team at Summa since our original investment back in 2005.
“The acquisition by Acrisure will allow Summa to move into its next phase of growth and we wish everyone at Summa all the best for the future.
“The sale of our stake in Summa at this valuation is a testament to Summa’s Management Team, considering the effects that the 2008 global financial crisis and now the Covid-19 Pandemic have had on the Spanish economy.”
Jose Antonio Vargas Gonzalez, Summa’s President and CEO, commented: “Following over a decade as our partners in Summa, I would like to thank the B.P. Marsh team for their longstanding support.
“Whilst Summa have now secured a new partner in Acrisure, B.P. Marsh have been invaluable to getting the business to its current position, for which I am very grateful.”