Peter Cullum backed firm to support broker’s growth ambitions

Peter Cullum backed broking investment vehicle Minority Venture Partners (MVP) has bought a stake in Borehamwood based commercial and personal lines broker Heath Crawford & Foster.

The broker said it would use the MVP investment to help it achieve its ambition to become a top 50 broker within three years.

MVP did not disclose how much it had invested or the size of the stake, but the investor typically takes stakes of between 15% and 30% and supports the management team.

MVP was set up in January 2014 by Cullum, who chairs MVP and also broking consolidator GRP, which also announced an acquisition today.

Other MVP broker investments include County Group and Kingsway Insurance Services.

Heath Crawford & Foster managing director Paul Weinberg said: “MVP’s decision to make an investment in our business is a vote of confidence in our successful business model and our highly experienced team. It was important to us to find a partner with the right culture, a proven track record and financial strength. MVP meets all of these requirements.”

He added: “We remain committed to providing our clients with exceptional service and with MVP’s help and access to new markets, we plan to develop the business further. We are currently in the top 250 brokers in the UK and are ambitious to reach the top 50 within 3 years.”

MVP chief executive James McCaffrey added: “I am delighted that MVP has made a strategic investment in Heath Crawford & Foster. They are a successful, client focused broker offering a wide range of commercial and personal products.