Paris-based financial services group Eurazeo Investment Manager PLC said on Friday it will invest up to 355 million pounds ($428.2 million) in specialist broker BMS Group Ltd. to acquire up to 34% of its share capital.
Eurazeo, through its mid-sized buyout team and its subsidiaries, will join fellow BMS investors British Columbia Investment Management Corp., Preservation Capital Partners and BMS management and employees.
Eurazeo and BCI will together be the majority shareholders of the special broker, it said in a statement.
Completion of the transaction is subject to relevant regulatory approvals.
Additional financial information will be disclosed once the transaction has been completed, the statement said.
Founded in 1980, BMS has from 2019 to 2022 seen revenue grow from around £100m to more than £250m and staff grow by around 75% to around 900 people globally, the statement said, adding that the new capital will be used to to drive further growth and expansion.
In a separate statement, BMS said its management team, led by CEO Nick Cook, will remain in their roles following the completion of the transaction, which values BMS at £1.75bn.
Eurazeo holds other investments in the insurance sector, including commercial property/casualty insurance, Albingia Insurance Co. and Descartes Underwriting, a managing general agent focused on specialty risks, the statement said.