French private equity firm Eurazeo has announced plans to make a £355m investment in BMS Group, a speciality insurance and reinsurance intermediary.
The investment, which will be made through Eurazeo’s mid-large buyout team and its affiliates, values BMS at £1.75bn.
The new investor will acquire a 34% stake in the BMS, joining its existing shareholders British Columbia Investment Management Corporation (BCI), Preservation Capital Partners (PCP), as well as BMS management and staff.
Founded in 1980, BMS provides tailored solutions in the areas of wholesale, reinsurance, and retail insurance, as well as capital markets advising services.
With 28 branches worldwide and its main office in London, BMS runs operations in 14 different nations.
With the investment, BMS plans to further position itself as a leading independent specialist (re)insurance broker by expanding both organically and through targeted acquisitions.
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By GlobalDataEurazeo – mid-large buyout managing directors Maxime de Bentzmann and Eric Sondag said: “We have been exploring speciality insurance and reinsurance markets for some time and we are impressed by BMS’ growth trajectory over the recent years including significant expansion of its US Reinsurance business segment.
“Together with our powerful international network, we are convinced that the Group has tremendous potential across the globe both organically and through M&A.”
BMS CEO Nick Cook said: “The Eurazeo DNA focused on culture, agility and global ambitions resonates strongly with BMS values, making Eurazeo a clear partner of choice for our next stage of growth. We are excited to partner with them and leverage their deep sector expertise and transformational growth experience.”
Earlier this month, BMS reached an agreement to buy Spanish speciality insurance broker EISENAR.