BP Marsh picks up 30% equity stake in US firm Mark Edwards Partners

Venture capitalists BP Marsh and Partners announced on Monday that it would be taking a 30% equity stake in US-firm Mark Edwards Partners (MEP), providing the North American group with a $2m loan facility for future growth in the process.

MEP, a speciality insurance broker offering risk management services to both commercial and private clients out of its offices in New York City, Palm Beach and Los Angeles, held a license to operate in all 50 states, offering risk management and insurance programmes for corporations, non-profits, individuals and families.

When discussing the investment, Brian Marsh, chairman of BP, said, "We are pleased to announce a further investment in the United States. Mark Edward Partners is a strong established broker with a knowledgeable management team and ambitions for the future."

Mark Freitas, president and chief executive officer of MEP also noted, "We are extremely pleased to be partnering with BP Marsh who brings an abundance of experience and expertise on an international basis. We look forward to expanding our footprint globally and working with a group who shares our vision, not to mention working together with such a successful entrepreneur as Brian Marsh."

As of 1015 BST, BP Marsh shares had gained 5.22% to 262.00p.