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January 12, 2022

B.P. Marsh & Partners announces conditional divestment of stake in Summa

B.P. Marsh & Partners, a specialist investor in early-stage financial services businesses, has announced the conditional divestment of its complete 77.25% shareholding in Summa Insurance Brokerage (Summa), a Madrid-based insurance broker consolidator.

The shareholding is being disposed to Acrisure España, a part of financial services business Acrisure.

This disposal is conditional upon, among others, the approval of the Spanish financial regulator Direccion General de Seguros.

Following completion of the deal, B.P. Marsh & Partners will get cash consideration of €9.7m after all associated costs, for its stake in Summa.

Furthermore, upon completion, Acrisure España will acquire in complete the B.P. Marsh & Partners’s outstanding loan of €1.8m pursuant to the terms of the divestment, which the latter will receive in cash.

B.P. Marsh & Partners helped Summa’s management team in the formation of the firm in 2005.

Oliver Bogue, B.P. Marsh & Partners’ nominee director on the board of Summa, will resign from this role on completion of the divestment.

Commenting on this disposal, B.P. Marsh & Partners chief investment officer Dan Topping said: “It has been a pleasure to work with Jose Antonio Vargas Gonzalez, Begoña Larrea Quintana and the whole team at Summa since our original investment back in 2005.

“The acquisition by Acrisure will allow Summa to move into its next phase of growth and we wish everyone at Summa all the best for the future.

“The sale of our stake in Summa at this valuation is a testament to Summa’s Management Team, considering the effects that the 2008 global financial crisis and now the Covid-19 Pandemic have had on the Spanish economy.”

Summa president and CEO Jose Antonio Vargas Gonzalez said: “Following over a decade as our partners in Summa, I would like to thank the B.P. Marsh team for their longstanding support. Whilst Summa have now secured a new partner in Acrisure, B.P. Marsh have been invaluable to getting the business to its current position, for which I am very grateful.”

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