BMS issues statement as it makes largest acquisition to date

BMS Group has said it is creating a “formidable force” after entering into an agreement to acquire David Roberts and Partners (DR&P).

The independent specialist broker is purchasing DR&P from private equity firm Inflexion, which announced earlier today (29 July 2024) that it was selling its stake in the business.

The transaction marks BMS’s largest acquisition to date and creates a business managing over £8bn of gross written premiums (GWP).

DR&P chief executive John Page and managing director Simon Bland continue in their roles as part of the deal, with Page reporting to Nick Cook, chief executive of BMS, and joining the group executive committee.

“This landmark transaction is a significant strategic step for BMS and a very proud moment in our company’s evolution,” Cook said.

“By aligning these two businesses, both of which have market-leading organic growth and ambitious expansion plans, we create a formidable force.

“We are delighted that DR&P selected BMS as their new home amidst considerable global interest.”

Page added: “We have been exploring ways of maximising our strength in specialty retail, London (re)insurance and MGA markets for some time and are delighted to have found in BMS a perfect opportunity to join forces with a highly successful, global business with a deep commitment to independent broking.

“BMS’ commitment to exceptional client outcomes aligns well with our own. We have countless opportunities ahead of us and I’m hugely excited about the future for our combined business.”

Inflexion 

Inflexion first invested in DR&P in 2021 and reinvested in 2023 to support further growth of the business.

Together, they have completed 14 acquisitions over the last three years, which has resulted in a tenfold increase in DR&P’s earnings before interest, tax, depreciation, amortisation and exceptional items (ebitda).

Malcolm Coffin, partner and head of Inflexion’s enterprise fund, said: “Our partnership with DR&P has been both highly productive and richly rewarding for all involved, a testimony to the tremendous skill and energy of such a talented management team in delivering industry leading organic performance alongside thoughtful and impressive acquisitive led growth.”