BP Marsh invests further in Nexus
Niche venture capital provider BP Marsh has invested further in managing general agency (MGA) Nexus Underwriting in connection with a proposed acquisition.
For £1.6 million BP Marsh acquired new shares representing 5 percent of the enlarged share capital of Nexus. The acquisition takes its shareholding in Nexus to 9.8 percent for an aggregate consideration of £3.1 million.
The venture capital provider acquired an initial shareholding in Nexus of 5 percent in August 2014, with the intention to increase its shareholding over time, in support of Nexus’s growth aspirations.
Colin Thompson, Nexus chief executive officer, said: “We are delighted to conclude this funding with BP 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 mergers and acquisitions 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, added: “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 BP Marsh’s strategy of providing growth finance to specialist financial intermediaries, to which we have unrivalled access through our niche area of operation.”
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