B. P. Marsh is a specialist private equity investor in early stage financial services businesses and will consider investment opportunities based in the United Kingdom, Europe, North America and occasionally elsewhere.

We typically invest amounts of up to £2.5m in people businesses with good management. We only take minority equity positions and do not seek to impose exit pressures, preferring to work alongside management to develop a mutually beneficial exit route and maximise value. We are also able to provide follow-on funding for successful companies in our portfolio when required for further growth.

B. P. Marsh has a reputation within its sector for developing strong business partnerships with its investee companies and helping talented management teams to realise their ambitions. We insist on appointing a non-executive director to the board of each of our investee companies and are able to provide consultancy and administrative services when required.

B. P. Marsh has invested in over 25 financial service businesses since it was founded in 1990 and in February 2006 admitted its shares for trading on the Alternative Investment Market.

http://www.bpmarsh.co.uk/

Trading Update

http://www.moneyam.com/action/news/showArticle?id=4877134

Interim Results

· Net Asset Value ("NAV") of £59.8m (31st July 2013: £56.9m)

· Increase in the Equity value of the Portfolio of 5.0% in the Period (and an increase of 13.7% since 31st July 2013)

· Profit after tax (unaudited) of £1.7m (31st July 2013: £1.4m)

· Final Dividend for the year ended 31st January 2014 of 2.75p per share paid in July 2014

· Increase of NAV per share to 205p (31st July 2013: 195p)

· Average NAV annual compound growth rate of 11.3% achieved since 1990

· Current cash balance of £7.9m



http://www.moneyam.com/action/news/showArticle?id=4907646

Trading Update


http://www.moneyam.com/action/news/showArticle?id=4978674

Simon T of IC today - I continue to rate BP Marsh shares a solid medium-term buy and maintain a target price of 170p.
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17 Feb Panmure Gordon 162.00 Buy

ST of IC - For good measure the share price now looks poised to take out the all-time high of 155p from a year ago, so the technical set-up is encouraging. In the circumstances, I have every reason to believe that my target price of 170p will be achieved as I outlined in my last article when the price was 135p ('Income stocks with capital upside', 18 February 2015). In fact, I feel confident enough to raise my target price to a new range between 170p to 180p

18 Jun Panmure Gordon 173.00 Buy

Further Investment
RNS
RNS Number : 4752Q
B.P. Marsh & Partners PLC
17 June 2015

Date: 17th June 2015

On behalf of: B.P. Marsh & Partners Plc

Immediate release

B.P. Marsh & Partners Plc

("B.P. Marsh", "the Company" or "the Group")

Further Investment in Nexus Underwriting Management Limited



B.P. Marsh & Partners Plc (AIM: BPM), the niche venture capital provider to early stage financial services businesses, is pleased to announce that it has subscribed for a further investment in Nexus Underwriting Management Limited ("Nexus"), an independent specialty Managing General Agency ("MGA"), for a total consideration of £1,554,000. B.P. Marsh has acquired new Preferred Ordinary shares representing 5% of the enlarged share capital of Nexus, and the acquisition takes B.P. Marsh's shareholding in Nexus to 9.8% for an aggregate consideration of £3,108,000.



Nexus is one of the largest independent specialty MGAs in the London Market with a forecast Premium Income in excess of £65m for 2015. It operates across the major insurance sectors, including Financial Lines, Trade Credit & Political Risk, Accident & Health and various other niche areas of insurance, where its specialist skills come to the fore.



The Group acquired an initial shareholding in Nexus of 5% in August 2014, with the intention to increase its shareholding over time, in support of Nexus's growth aspirations. As such the Group has provided this finance in connection with a proposed acquisition by Nexus, which will add significantly to its Gross Written Insurance Premium Income, and also its profitability and its geographical footprint across Europe. The Company will announce further details of this transaction in due course.



Nexus Group CEO Colin Thompson stated "We are delighted to conclude this funding with B.P. Marsh as it provides further access to capital on agreeable terms. The capital will not only be used to conclude a specific transaction but also underpins our wider M&A agenda which will take Nexus into new product lines and new geographic areas, in order to pursue our growth strategy."



Daniel Topping, the Company's nominee director on the Board of Nexus commented "I am pleased to conclude this round of funding which will allow Nexus to pursue their ongoing growth strategy and, we anticipate, will continue to deliver significant underlying growth to the Group's Net Asset Value. This investment underlines B.P. Marsh's strategy of providing growth finance to specialist financial intermediaries, to which we have unrivalled access through our niche area of operation."

Trading update

8 Sep Panmure Gordon 173.00 Buy

ST of IC today - Offering 20 per cent upside to my fair value of 180p a share, the shares rate a strong buy on a bid-offer spread of 141p to 145p.

Interim results

Interim Results Announcement for the period to 31st July 2015



B.P. Marsh & Partners Plc, the niche venture capital provider to high growth businesses, announces its unaudited Group interim results for the six months to 31st July 2015 (the "Period").



The financial highlights of the results are:



· Net Asset Value ("NAV") up 9.5% to £65.5m (31st July 2014: £59.8m)

· Increase in the Equity value of the Portfolio of 9.3% in the Period (and an increase of 19.8% since 31st July 2014)

· Profit after tax (unaudited) up 100% to £3.4m (31st July 2014: £1.7m)

· Final Dividend for the year ended 31st January 2015 of 2.75p per share paid in July 2015

· NAV per share up 9.75% to 225p (31st July 2014: 205p)

· Average NAV annual compound growth rate of 11.2% achieved since 1990

· 5.3% Total Shareholder Return for Period

· Current uncommitted cash balance of £3.2m

20 Oct Panmure Gordon 180.00 Buy

ST of IC today - So with BP Marsh increasing its net asset value to a record high, raising its dividend, and with valuations on its equity portfolio likely to rise yet again in the second half, then I believe the shares offer a compelling investment opportunity, so much so that my fair valuation of 180p a share is starting to look too conservative. Offering 16 per cent upside to my conservative fair value of 180p a share, I continue to rate BP Marsh's shares a decent buy on a bid-offer spread of 152p to 155p.

Subscription for a further Investment in Nexus
RNS
RNS Number : 1946I
B.P. Marsh & Partners PLC
07 December 2015

Date: 7th December 2015

On behalf of: B.P. Marsh & Partners Plc

Immediate release

B.P. Marsh & Partners Plc

("B.P. Marsh", "the Company" or "the Group")

Further Investment in Nexus Underwriting Management Limited



B.P. Marsh & Partners Plc (AIM: BPM), the niche venture capital provider to early stage financial services businesses, is pleased to announce that it has subscribed for a further investment in Nexus Underwriting Management Limited ("Nexus"), an independent specialty Managing General Agency ("MGA"), for a total consideration of £1,470,000.



B.P. Marsh has subscribed for 111,850 new Preferred Ordinary shares of Nexus, with this further investment taking B.P. Marsh's shareholding in Nexus to 13.7%, for an aggregate consideration of £4,570,000.



Nexus is one of the largest independent specialty MGAs in the London Market with a pro forma forecast Premium Income in excess of £100m for 2015. It operates across the major insurance sectors, including Financial Lines, Trade Credit & Political Risk, Accident & Health, Surety and Life and various other niche areas of insurance, where its specialist skills come to the fore.



The Group has provided this finance in connection with a proposed acquisition by Nexus, in line with the Group's strategy to increase its shareholding over time in support of Nexus's growth aspirations. The Company will announce further details of this transaction in due course.



Additionally, this investment has also allowed Nexus to acquire shares from certain members of Nexus' management team, allowing long standing employees to realise a proportion of their holding.



Nexus Group Chairman Colin Thompson stated "We are delighted to receive this additional tranche of funding which will in part assist in funding our second acquisition of 2015. ‎Over a relatively short period of time, we have developed a true partnership with BP Marsh and look forward to working with them in the future as we push ahead in continuing to build a business that is reshaping the MGA landscape in the UK."



Daniel Topping, the Company's nominee director on the Board of Nexus commented "We are pleased to conclude this further round of funding, in support of Nexus's acquisitive growth strategy. Furthermore it enabled Nexus to provide assistance to certain longstanding Directors by helping them realise part of their shareholding."

Interactive investor - Tuesday 7 June

AIM-listed financial services investor B.P. Marsh & Partners (BPM) will announce final results on Tuesday, with its investment portfolio looking strong after selling off most of a stake in London-based Hyperion Insurance to buy into Singaporean reinsurance broker ARB.

The specialist venture capital provider, which buys minority stakes in financial businesses and holds them for an average of seven years on an "eyes on but hands off" basis, has netted an average compound Net Asset Value (NAV) growth rate of 11.2% since 1990.

Analyst Barrie Cornes at Panmure Gordon reckons that’s "impressive" - especially with a growing yield and low-level share buybacks to boot.

"The shares are trading at a 32% discount to NAV at 31 July 2015 of 225p/share which we feel is too great a discount," says Cornes, who calls the firm "an excellent investment opportunity that has been overlooked by investors".

Final results


· Increase in the Equity Value of the Portfolio of 23.8% over the year

· Net Asset Value of £70.8m (31 January 2015: £63.0m), a 12.4% increase, net of Dividend

· Net Asset Value increase to 243p per share (31 January 2015: 216p)

· Total return to Shareholders in the year of 13.7% (2015: 8.2%)

· Consolidated profit after tax of £8.7m (31 January 2015: £4.9m), a 76% increase

· Average Net Asset Value annual compound growth rate of 11.4% since 1990

· Final Dividend of 3.42p per share declared (31 January 2015: 2.75p), a 24.4% increase

· Cash and treasury funds balance of £5.3m, with additional cash of £7.3m expected in July

· New investment in South Africa

· Additional investment in Nexus

· Post year-end investment in Asia

7 Jun Panmure Gordon 194.00 Buy

ST of IC today - I have nudged up my target price from 190p to 200p

Disposal
RNS
RNS Number : 2746T
B.P. Marsh & Partners PLC
04 January 2017
 
Date:                            4 January 2017
On behalf of:                 B.P. Marsh & Partners Plc ("B.P. Marsh" and the "Company")                        
For immediate release
 
B.P. Marsh & Partners Plc
Disposal of Investment in Besso
 
21 year investment in Besso culminates in exit
 
B.P. Marsh & Partners Plc (AIM:  BPM), the specialist venture capital investor in early stage financial services businesses, announces that it has reached agreement to sell its entire 37.94% shareholding in Besso Insurance Group Limited ("Besso") for cash.  
 
BGC Partners Inc. ("BGC") has agreed to acquire 100% of Besso, with ongoing management and employees rolling over a proportion of their existing Besso shareholdings into BGC shares. The transaction places an entire enterprise valuation of Besso at £70.5m, however the final purchase price will be subject to various adjustments by reference to completion accounts, which the Company currently anticipates to be as at 31st March 2017.
 
In order to put this into context, the same adjustments applied to Besso's 31st August 2016 Balance Sheet would result in estimated proceeds to B.P. Marsh of £20.6m net of transaction costs and pre-tax. This equity stake was most recently valued by B.P. Marsh at £20.1m as at 31st July 2016. Completion of the transaction will be subject, inter alia, to FCA approval being granted and as part of the terms of the transaction Daniel Topping, the Company's Chief Investment Officer, will resign as a Non-Executive Director on the Boards of Besso and Besso ESOP Trustee Limited.
 
Besso commenced a strategic review in August 2015, engaging Canaccord Genuity to assess its strategic options. During this time B.P. Marsh has seen its valuation of Besso increase significantly and the Company's gross proceeds from this sale will represent an increase of c. 48% on its published valuation of the same stake in Besso at 31st July 2015 of £13.9m.
 
In the year to 31st December 2015, Besso achieved Revenues of £37.6m (an increase of 16% on 2014) and EBITDA of £4.17m (an increase of 15% on 2014), and it is continuing this trend in 2016, where it is on track to achieve EBITDA in excess of £10m.
 
In addition to the sale proceeds, B.P. Marsh's existing shareholder loans of c. £1.36m will be repaid in full upon completion. In the 2017/18 financial year the Company was forecasting an overall income yield of 0.64% on its Besso stake, and the Board is confident that this will be easily replaced and exceeded as a result of reinvestment of the proceeds of this sale.  
 
Consequently, following completion of the transaction and subject to adjustments at completion, B.P. Marsh expects to have additional funds available of approximately £18.37m (after transaction costs and tax). All of the above calculations are based on the August balance sheet, and therefore are subject to change. The Board of B.P. Marsh intends to continue to strike a balance between utilising funds for investment for long-term capital growth, whilst providing shareholders with a meaningful ongoing return.
 
Investment funds will be targeted to both the existing portfolio to enable those businesses to develop further and to pursue new opportunities. The current pipeline of new opportunities includes start-up and early stage, as well as more developed, businesses particularly within the insurance intermediary sector both in the UK and internationally. B.P. Marsh has expanded geographically in recent years and now holds investments in Australia, South Africa and Singapore as well as throughout the UK. The international strategy remains the same; to focus on territories with good opportunity for business development in partnership with a London investor and a suitably developed regulatory and compliance environment.
 
B.P. Marsh's investment and exit from Besso demonstrates the success of its strategy of investing for the long-term and working with management teams to achieve a mutually desirable exit at the optimum time. B.P. Marsh was instrumental in establishing Besso in 1995, funding a buy out from what is now the Jardine Lloyd Thompson Group, with an initial equity investment of £0.46m and further equity investment (net of redemptions) of £2.37m over the subsequent 21 years. Since the initial investment, B.P. Marsh has supported Besso's growth through a longstanding partnership and provision of working capital finance, including spearheading the buy-out of Wells Fargo in 2011 and international expansion with the opening of offices in Turkey and Brazil.  B.P. Marsh will continue its joint venture alongside Besso with its investment in Sterling Insurance (PTY) Limited which will be unaffected by this transaction.
 
Commenting, Brian Marsh OBE, B.P. Marsh's Executive Chairman, said:
"Our investment in Besso typifies our approach - long-term, collaborative and focused on delivering highly attractive results for all stakeholders. We have stuck with Besso through many ups and downs over the course of two decades, as we believe our investments to be a true partnership with the management team or individual we back. However, our partners at Besso have now reached the stage in the development of their group for which they need financial firepower which outstrips the resources that B.P. Marsh is able to supply.  Consequently, we are pleased that Besso has identified BGC as its future ongoing partner and we wish them well."
 

ST of IC today - I feel my target price of 230p is now looking increasingly conservative. Guidance is for a 10 per cent hike in the dividend per share to 3.76p, too, a payout clearly well supported by the ongoing strong investment performance and one that has seen the company grow NAV per share at a compound annual growth rate of 11.3 per cent since 1990. Buy.