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Paris-based financial services group Eurazeo Investment Manager PLC on Friday said it will invest up to 355 million pounds ($428.2 million) in specialty broker BMS Group Ltd. to acquire up to 34% of its share capital.
Eurazeo, through its mid-large buyout team and its affiliates, will join fellow BMS investors British Columbia Investment Management Corp., Preservation Capital Partners, and BMS’ management and employees.
Eurazeo and BCI together will be the majority shareholders of the specialty broker, a statement said.
Completion of the transaction is subject to relevant regulatory approvals.
Further financial information will be disclosed once the transaction has been completed, the statement said.
Established in 1980, BMS has from 2019 to 2022 seen revenues increase from approximately 100 million pounds to more than 250 million pounds and staff grow some 75% to about 900 people globally, the statement said, adding the new capital will be used to fuel further growth and expansion.
In a separate statement, BMS said its management team, led by CEO Nick Cook, will remain in their roles following completion of the transaction, which values BMS at 1.75 billion pounds.
Eurazeo holds other insurance sector investments including commercial property/casualty specialty insurer Albingia Insurance Co. and Descartes Underwriting, a managing general agent focused on specialty risks, the statement said.