Investee Company Update – XPT Group LLC
B.P. Marsh & Partners Plc (AIM: BPM), the niche venture capital provider to early stage financial services businesses, is pleased to announce that XPT Group LLC (“XPT”), in which the Group owns a 35% shareholding, has acquired W.E. Love & Associates, Inc. (“W.E. Love”), a Managing General Agency.
Founded in 1982, W.E. Love is a family-owned business located in Burlington, North Carolina. W.E. Love specialises in Trucking Liability and Physical Damage & Motor Truck Cargo, partnering with a number of insurance markets in the United States.
This acquisition was funded via a proportion of the Group’s investment in XPT and bank financing.
The acquisition of W.E. Love, the second undertaken by XPT in the last three months, follows the acquisition of Western Security Surplus Insurance Brokers, Inc. (“WSS”), the Wholesale Broker and Managing General Agency, based in Dallas and Los Angeles, as announced by the Group in November 2017.
These transactions are part of XPT’s strategic plan to develop a wholesale insurance broking and underwriting agency platform across the U.S. Specialty Insurance Sector. This second acquisition further demonstrates XPT’s ability to take advantage of the significant consolidation opportunities in the small-to-medium-sized wholesale space in the U.S.
Dan Topping, B.P. Marsh’s Chief Investment Officer and the Company’s representative at XPT, commented: “B.P. Marsh is pleased to announce XPT’s second acquisition with the completion of W.E. Love. The acquisitions of WSS and W.E. Love represent the continuation of XPT’s strategy to develop their presence in the U.S. specialty insurance market”.
Commenting on the acquisition, XPT’s CEO Thomas Ruggieri stated “We are pleased to partner with one of the most experienced, successful, tech enabled commercial transportation platforms in the USA. John Love joins Kyle Stevens as evidence of the unique collaborative partnership we are building. In B.P. Marsh we are fortunate to have a unique financial partner enabling our unique approach. B.P. Marsh’s vision, advice and support continue to be critical to our success”.
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