B.P. Marsh and Partners has acquired, through a newly established company Paladin NewCo Limited, an effective 35% shareholding in CBC UK Limited.
CBC is a Retail and Wholesale Lloyd’s Insurance Broker, offering a wide range of services to commercial and personal clients as well as broking solutions to intermediaries. For the year ending 31(st) December 2017, CBC has a forecast revenue of GBP5,549,000 with a forecast EBITDA of GBP634,000.
The Group has partnered with CBC’s management team to buy out an existing shareholder, delivering a 50% shareholding to CBC’s management team, a 15% shareholding to Andrew Wallas, who will join CBC as Non-Executive Chairman, and 35% to B. P. Marsh.
The acquisition of CBC was made through Paladin to which the Group provided GBP4,000,000 of funding. This was provided via the subscription for a 35% shareholding in Paladin for a cash consideration of GBP3,500, additionally, the Group provided a Loan Facility of GBP3,996,500 which was fully drawn down on completion.
CBC’s CEO, Robert Cottingham, has over 30 years’ experience in the insurance industry having held a number of senior positions, including at Glencairn Limited (now part of Willis Towers Watson), where he was responsible for the company’s Professional Risks Division. Robert joined the CBC Board in 2011 and became Chief Executive in November 2015.
CBC’s new Chairman, Andrew Wallas, brings 40 years of insurance experience to CBC. During that time he became one of the youngest managing directors of a Lloyd’s broker. He also established what became Glencairn Ltd, which was ultimately acquired by what is now Willis Towers Watson and was Non-Executive Chairman of Martello Underwriting, backed by Penta Capital, which was sold to RSA plc.
BPM : BP Marsh buys stake in CBC