The British Columbia Investment Management Corp., together with private equity firm Preservation Capital Partners, is investing in BMS Group Ltd., the U.K.-based brokerage arm of Minova Insurance Holdings Ltd.
While the exact terms of the investment weren’t disclosed, the deal values BMS Group at £500 million, subject to regulatory approvals.
“As an investor of patient capital, we seek companies with a sustainable competitive advantage that offer value-add services and are led by talented management teams,” said Gordon Fyfe, chief investment and chief executive officer of the BCI, in a press release.
Read: BCI to oppose proposed Goldcorp, Newmont Mining merger
“BCI’s long-term investment in BMS allows them to grow the business and generate the returns that our pension plan and accident fund clients require. Our investment also provides regional and sector diversity to our clients’ private equity portfolio.”
BMS Group specializes in reinsurance, wholesale and direct insurance. Nick Cook will remain the firm’s chief executive officer, while management and staff at BMS will continue to hold significant shares in the company.
“The long-term investment by BCI and PCP secures our future as an independent broker and maintains significant employee ownership,” said Cook. “We have grown consistently over the past five years, generating revenues in excess of £100 million for the first time in 2018.”