US-based Private equity firm Genstar Capital has acquired a retail insurance brokerage organization Acrisure, for an undisclosed sum.
Commenting on the deal, Acrisure co-founder and CEO Greg Williams said that the deal will provide additional resources and valuable expertise and speeds up the development of Acrisure’s business portfolio.
Under the terms of the agreement, managing director of Genstar J Ryan Clark, as well as Tony Salewski and David Golde of Genstar will join the board of directors of Acrisure.
Additionally, Genstar’s former portfolio company, Confie Seguros retired CEO John Addeo will also join the board.
Clark said, "By working with Greg and his team we believe we have an opportunity to leverage Genstar’s extensive insurance executive network to accelerate growth and expand the company’s footprint nationally."
The acquired entity was founded in 2005 to purchase independent insurance agencies throughout the Midwest and since then it has acquired 26 companies.
It offers property & casualty, employee benefits and related third party administrator services, human resource outsourcing, loss & claims management, surety bonding and personal lines coverage.
Genstar and Acrisure were advised by AcquiGrowth Capital and Dowling Hales, respectively on the transaction.
San Francisco-based Genstar Capital has more than $4bn of committed capital under management and targets investments focused on selected sectors within insurance and financial services, and industrial technology industries, among others.