LONDON, UK: B.P. Marsh & Partners Plc, a venture capital investor in financial services businesses, has completed the sale of its 18.38% stake in Kentro Capital Limited, a specialist insurance intermediary, to Brown & Brown, Inc, a US insurance broker, for £51.5m. The company had announced the deal on 23 May 2023.
The company plans to declare a special dividend of 2.78p per share at its interim results on 17 October 2023, and to allocate a further £6m for dividends over the next three years.
Kentro’s CEO, Colin Thompson, thanked B.P. Marsh for its support and said that the business had achieved tremendous growth and international success with its MGA platform (Nexus) and its specialist broking operation (Xenia).
B.P. Marsh’s CIO, Dan Topping, said that the disposal had delivered an internal rate of return of 23.66% and a money multiple of 3.41x on the equity investment. He praised Kentro’s team and wished them all the best for their partnership with Brown & Brown.
B.P. Marsh’s Chairman, Brian Marsh OBE, said that the sale demonstrated the company’s ability to partner with young businesses and management teams and to realise value for its shareholders. He said that the funds from the sale would enable the company to make further investments in the portfolio, delivering capital growth and shareholder returns.