Nabarro's Corporate team has advised the management of CBC UK Ltd (CBC) on their successful management buyout of CBC from major shareholder, Dr Jerome Booth. The MBO was backed by BP Marsh and Partners PLC.
CBC is a Lloyd's Broker established in 1985. The business is a mixture of retail and wholesale, with an enviable network of regional producing brokers. The management team, led by Rob Cottingham, took over in 2016 and implemented a three year growth strategy.
BP Marsh and Partners PLC (BPM) is an AIM-listed specialist private equity investor in early stage financial services businesses with an unparalleled track record in the insurance industry.
Commenting on the deal, Alasdair Steele said:
"We were delighted to support Rob Cottingham and non-executive Chairman Andrew Wallas, who pulled the transaction together. This successful MBO moves CBC forward to the next stage of its development. Despite the uncertain times in the financial sector, it's pleasing to see investors such as BPM continuing to invest in management teams and businesses such as CBC for the future."