BP Marsh takes minority stake in new investment vehicle Autonomy
BP Marsh & Partners PLC on Thursday said it has agreed to invest $5.1 million in Autonomy Investment Partners LLC for an 18% preferred capital interest.
The investor in early stage and small to medium-sized financial services intermediary businesses, said Autonomy has been established in partnership with the senior management team of XPT Group LLC and BharCap Partners LLC.
XPT is a US-based wholesale insurance brokerage and underwriting agency platform which serves the specialty insurance sector. BharCap is a Connecticut, US-based private equity firm.
BP Marsh said: ‘Autonomy will provide minority investment capital to independent US insurance distribution businesses seeking growth, combining access to capital, infrastructure and sector expertise while enabling founders and management teams to retain operational control.’
As its first transaction, Autonomy will buy a minority stake in XPT, creating ‘immediate alignment’ and generating income from inception.
As part of the transaction, BP Marsh will receive $12.1 million from XPT. This will be made up of $6.1 million from the redemption of P1 preferred units and $6.0 million from the repayment of junior debt.
BharCap has committed $100 million to Autonomy as its largest investor.
BP Marsh added: ‘Autonomy has identified an initial pipeline of potential investments and is intended to support insurance distribution businesses seeking growth capital while allowing founders and management to retain control. Over time, should ownership objectives change, certain of these businesses may become suitable candidates for a majority investment or outright acquisition by XPT.’
BP Marsh currently owns 29.33% of XPT. Following completion, and taking into account the indirect interest in XPT through Autonomy, the total economic interest in XPT will edge down to 28.99% from 29.33%.
BP Marsh Chief Investment Office Dan Topping said: ‘Autonomy is the natural next step in our long-standing partnership with Tom Ruggieri and the XPT team, extending the model that has driven XPT’s growth since 2017 into an untapped part of the US insurance distribution market.
‘Backed by a credible, well-capitalised investor in BharCap, Autonomy also gives us the opportunity to participate, alongside partners we know well, in a platform addressing a genuine gap in the market for minority growth capital.’
Shares in BP Marsh were down 0.9% at 694.00 pence on Thursday afternoon in London.
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