Private equity firm BP Marsh and Partners has taken an additional 12 per cent stake in national IFA firm LEBC for £1m.
It sees BP Marsh’s overall shareholding in LEBC increase by 12 per cent from around 23 per cent to just under 35 per cent.
The stake was acquired from a former LEBC employee and shareholder that left the firm.
LEBC chief executive Jack McVitie says: “This transaction marks a new stage in the growth and development of LEBC. I look forward to working with my management team in company with BP Marsh to achieve continued success in the future.”
BP Marsh chairman Brian Marsh says: “I am pleased to conclude this transaction and look forward to the next stage of growth as we continue to develop our partnership with LEBC on strong foundations for the future.”
LEBC’s most recent accounts show a pre-tax profit of £543,783 for the year to September 2012.
BP Marsh first took a stake in the firm in 2007.
In 2012 LEBC re-purchased a 10 per cent stake in the firm which had been held by Sesame Bankhall since the firm was set up in 2000.