Canaccord Genuity Acts as Financial Adviser to Eurazeo to Acquire up to 34% of BMS Group, Valuing the Group at £1.75 Billion
Canaccord Genuity is pleased to announce that is acted as financial adviser to Eurazeo, through its Mid-large buyout team and its affiliates, on their investment in BMS Group (“BMS”), agreed on 23 December 2022. Eurazeo and its affiliates are to invest up to £355m in BMS and acquire up to 34% of its share capital to join alongside its existing shareholders British Columbia Investment Management Corporation (BCI), Preservation Capital Partners (PCP) and BMS’ management and employees. Eurazeo and BCI together will be majority shareholders of BMS for its next phase of growth.
BMS is a leading independent (re)insurance broker delivering comprehensive, customised solutions in the field of wholesale, reinsurance and retail insurance as well as capital markets advisory services. Headquartered in London, BMS operates across 14 countries with 28 offices around the world (US, Canada, Latin America, Australia, Europe and Asia). The investment from Eurazeo and other shareholders is expected to enable BMS to further expand as a global independent specialty (re)insurance broker by growing its foothold internationally both organically and through an active M&A strategy. Canaccord Genuity has previously advised BMS on its investment from PCP and BCI in 2019, and from Capital Z Partners and PRICOA in 2014.
Eurazeo is a leading global investment company, with a diversified portfolio of €32.4bn in asset under management. Eurazeo has a powerful international network and deep expertise in financial services with over €2.5bn invested in financial services in over 30 companies across all stages of their lifecycle. The specialty insurance segment has been a key focus for Eurazeo, with existing investments such as Albingia (commercial P&C specialty insurer) and Descartes Underwriting (MGA focused on specialty risks).
Completion of the transaction is subject to obtaining the relevant regulatory approvals.
The transaction further reinforces Canaccord Genuity’s market leading position as a financial adviser to the insurance sector and follows other transactions in the sector including the fundraising for Nexus Underwriting from Barings and sale transactions of Datalot to Centerfield, Generali Global Health to Bupa, Compre to Cinven and BCI, Matrix Brokers to Hyperion, Pioneer Underwriting to K2 Insurance Services, Alston Gayler to Miller and Global Benefits Group to Further Global.