Private equity firm invests $50.7M in BMS GroupReprints
London-based BMS Associates Ltd. on Wednesday announced a deal in which New York-based private equity firm Capital Z Partners Management L.L.P. will invest $50.7 million into BMS’ holding company, BMS Group Ltd.
BMS Group operates both a brokerage and an underwriting business, Pioneer Underwriting Ltd.
The deal, which is subject to regulatory approval, is one result of a strategic review undertaken at BMS to determine the company’s approach to both broking and underwriting opportunities in the market, said Dane Douetil, group CEO of BMS.
The deal would give the company the “financial firepower” to grow both its brokerage and underwriting businesses, Mr. Douetil said.
On completion of the deal, Robert Spass, co-founder and managing partner of Capital Z, will join BMS’ board.