B.P. Marsh increases investment in XPT Group
Specialist private equity investor B.P. Marsh has invested a further $12.6m in US-based wholesale insurance broking and underwriting agency platform XPT Group.
The funding provided is structured as an equity share purchase from three senior managers of XPT and a new loan facility amounting to $6.3m.
B.P. Marsh chief investment officer Dan Topping said: “We are delighted to support XPT Group with this additional funding. Since our initial involvement in 2017, XPT has demonstrated exceptional performance, driven by strategic acquisitions, talent hires and solid organic growth.
“By increasing our equity stake and providing further loan support, we are reinforcing our commitment to XPT’s ongoing expansion. We look forward to seeing this new capital boost XPT’s growth strategy as they continue to cement their position in the market.”
Currently, XPT benefits from a $67m banking facility with Apogem Capital.
With the new investment from B.P. Marsh, Apogem is also increasing its support with an additional $55m loan facility. This expansion will boost XPT’s overall banking facility to $122m.
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The additional funding from Apogem has led to a syndication of the loan facility, with First Eagle Bank contributing a portion of the new funds.
The new capital injection and the additional banking facilities will support XPT in achieving its growth objectives including organic expansion, strategic hires and M&A.
XPT CEO Thomas Ruggieri said: “Since our founding in 2017, we have focused on expanding our footprint through both acquisitions and organic growth, allowing us to reach nearly $1bn in gross written premium this year.
“This new funding from B.P. Marsh, coupled with the increased banking facility from Apogem and now First Eagle Bank, empowers us to pursue new opportunities, strengthen our team and continue to deliver exceptional value to our clients across the United States.”
Last month, B.P. Marsh invested in Volt, a London-based managing general agency focused on energy insurance.
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