Travers Smith LLP has advised the management of BMS Insurance Group on its receipt of a £500m ($635m) investment from Canadian investment firm British Columbia Investment Management Corp. and New York based private equity firm Preservation Capital Partners LLP. The transaction is subject to regulatory clearance.
BMS’ management team members, led by CEO Nick Cook, will all remain in their current roles. Its management and staff will retain a substantial shareholding in the Group.
Nick Cook has said that “the long-term investment by BCI and PCP secures our future as an independent broker and maintains significant employee ownership. We have grown consistently over the past five years generating revenues in excess of £100 million for the first time in 2018”.
The Travers Smith team was led by Private Equity and Financial Sponsors Partner Adam Orr, assisted by PEFS Associates Richard Hornshaw, James Ravden and Shannon Anstee. Specialist Tax advice was provided by Partner Hannah Manning and Associate Aimee Hutchinson.
The selling shareholders were advised by Macfarlanes LLP. BCI and PCP were advised by Latham & Watkins LLP. Wyvern Partners provided corporate finance advice to Management.