Preservation Capital Partners and BCI announce investment into BMS
BMS, one of the leading specialty lines focused insurance brokers globally, today announces an agreement for a significant investment by affiliates of Preservation Capital Partners (“PCP”) and British Columbia Investment Management Corporation (“BCI”). The investment, which values BMS at £500m, is subject to regulatory approvals and is expected to close in the third quarter.
The BMS management team, led by chief executive officer Nick Cook, will all remain in their current roles following completion, and management and staff of BMS will remain significant shareholders in the company.
Nick Cook commented: “The long-term investment by BCI and PCP secures our future as an independent broker and maintains significant employee ownership. We have grown consistently over the past 5 years generating revenues in excess of £100m for the first time in 2018. We look forward to partnering with PCP and BCI as we continue to invest in our business and attract market leading talent to the benefit of our clients. My thanks go to all of our colleagues who have been at the root of our success.”
Dane Douetil, CEO of Minova added: “This investment is excellent news for BMS’s dedicated staff, who will remain important shareholders, and particularly for BMS clients who will continue to benefit from the very best independent advice in the market. It is also a ringing endorsement of the London market and, following considerable consolidation in the broking sector, ensures that an independent voice will continue to be heard.”
Jatender Aujla, a Partner of Preservation Capital commented: “We have been impressed by the growth BMS has experienced since Nick and his management team took over the business. Today, BMS is one of the largest independent specialty lines focused insurance brokers in the London market. We look forward to working with the team as long term partners and helping them seize the significant opportunities available in the market.”
Gordon J. Fyfe, CEO/CIO of BCI said: “As an investor of patient capital, we seek companies with a sustainable competitive advantage that offer value-add services and are led by talented management teams. BCI’s long-term investment in BMS allows them to grow the business and generate the returns that our pension plan and accident fund clients require. Our investment also provides regional and sector diversity to our clients’ private equity portfolio.”