Acrisure, Genstar Complete $2.9B Management-Led Buyout
Acrisure LLC, a national insurance brokerage based in Grand Rapids, Mich., and private equity firm Genstar Capital announced the completion of a previously announced management-led buyout of the company. The $2.9 billion transaction was led by Greg Williams, Acrisure’s chief executive officer and co-founder, and a consortium of minority investors.
Williams co-founded the company with Rick Norris in 2005. In a statement released by the company, Williams said that “management and agency partners now control the company, and our focus will continue to be on the long-term growth of our business. We had a great partnership with Genstar, whose expertise helped transform Acrisure into a leading national insurance brokerage.
Williams said Genstar will remain a remain a shareholder in the company.
Genstar acquired Acrisure in 2013 and has worked with Williams and the Acrisure management team to expand Acrisure’s geographic footprint and to broaden the size and scope of its insurance offerings.
Under Genstar’s ownership, the company successfully acquired 138 retail insurance brokerages and generated industry-leading organic growth. The company also invested in new data and analytic tools, and further strengthened the management team. Annual revenues today exceed $670 million.
In addition to Acrisure, Genstar’s current and former investments in the insurance industry include Insurity, Financial Horizons Group, Innovative Aftermarket Systems, Palomar Specialty and Confie Seguros.
Evercore acted as exclusive financial adviser to Acrisure with J.P. Morgan leading the financing of the transaction.
Source: Acrisure, Genstar Capital
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