B.P. Marsh & Partners PLC Completion of Sale of Kentro Capital Limited (4864P)
10 Ottobre 2023 - 8:00AM
UK Regulatory
TIDMBPM
RNS Number : 4864P
B.P. Marsh & Partners PLC
10 October 2023
10 October 2023
B.P. Marsh & Partners Plc
("B.P. Marsh", "the Company" or "the Group")
Completion of Sale of Kentro Capital Limited
Updated Use of Proceeds
B .P. Marsh & Partners Plc (AIM: BPM), the specialist
venture capital investor in early stage financial services
businesses, reports that, further to its announcement on 23 May
2023, the sale of its 18.38% stake in Kentro Capital Limited
("Kentro") to Brown & Brown, Inc ("Brown & Brown"), has
today completed, delivering sale proceeds to us of
GBP51,522,000.
Accordingly, the Board intends to declare a special dividend of
2.78p per ordinary share at the time of the Company's Interim
Results on 17 October 2023, along with details of the proposed
payment date. The Board has also agreed to allocate a further
GBP6.0m for dividends over the next three years , payable in the
years ending 31 January 2025, 31 January 2026 and 31 January
2027.
Kentro's Founder and Chief Executive Officer, Colin Thompson
commented: "During the time that B.P. Marsh invested in Kentro, the
business has undergone tremendous growth, culminating in the
international success and leading market position of our MGA
platform (Nexus). In that same time, we have built a best-in-class
specialist broking operation (Xenia) of which we are immensely
proud. None of this would have been possible without the support
provided by our friends at B.P. Marsh. As we move on to our
permanent home with Brown & Brown, we would like to thank B.P.
Marsh for partnering with us and wish them all the very best in
their future endeavours."
Commenting on this disposal, the Group's Chief Investment
Officer, Dan Topping stated:
"We here at B.P. Marsh would like to wish Colin Thompson and the
whole team at Kentro all the best for the next chapter in their
growth and development, in partnership with Brown & Brown.
It has been a pleasure to work with the whole team at Kentro
over the last 9 years and to see the business grow and flourish.
This disposal has delivered an Internal Rate of Return of 23.66%
(inclusive of all income and fees) and a money multiple on the
Equity Investment of 3.41x. It is a further testament to B.P.
Marsh's ability to secure niche opportunities, to back successful
management teams and to successfully realise value for our
shareholders."
Brian Marsh OBE, Chairman of B.P. Marsh, commented: "The
GBP51.5m sale of our stake in Kentro demonstrates the Company's
ability to partner with young businesses and management teams and
help them achieve their ambitious growth plans, whilst delivering
strong returns for our shareholders.
"As a result of this disposal, we are pleased to be able to
declare a special dividend and to outline further dividends over
the next three years. These funds will enable us to make further
investments in the portfolio, delivering capital growth, alongside
shareholder returns."
Note
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014 as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act
2018.
For further information:
B.P. Marsh & Partners Plc www.bpmarsh.co.uk
Brian Marsh OBE +44 (0)20 7233 3112
Nominated Adviser & Broker
Panmure Gordon
Atholl Tweedie / Stephen Jones / Amrit
Mahbubani / Ailsa MacMaster +44 (0)20 7886 2500
Financial PR & Investor Relations
Tavistock bpmarsh@tavistock.co.uk
Simon Hudson / Tim Pearson / Katie Hopkins +44 (0)20 7920 3150
Notes to Editors:
B.P. Marsh's current portfolio contains fourteen companies. More
detailed descriptions of the portfolio can be found at
www.bpmarsh.co.uk .
Since formation over 30 years ago, the Company has assembled a
management team with considerable experience both in the financial
services sector and in managing private equity investments. Many of
the directors have worked with each other in previous roles, and
all have worked with each other for approaching ten years.
- Ends -
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