Acrisure first announced the deal in October of this year
Acrisure, LLC, one of the country’s leading brokerage firms and its financial sponsor, private-equity firm Genstar Capital, have announced the completion of a management-led buyout of the company. In a $2.9 billion dollar transaction, the buyout was led by Acrisure Chief Executive Officer and Co-Founder, Greg Williams, in addition to a consortium of minority investors. Plans of the deal had been previously announced in October of this year.
“We are thrilled to complete this transaction as it marks an important milestone for the company. As a result, management and agency partners now control the company, and our focus will continue to be on the long-term growth of our business,” said Mr. Williams, who co-founded the company with Rick Norris in 2005 and led the management buy-out.
“We had a great partnership with Genstar, whose expertise helped transform Acrisure into a leading national insurance brokerage. I am excited to have Genstar remain a shareholder in Acrisure, and to have additional resources from our new co-investors, as we further expand our national footprint and continue our ambitious growth plan.”
In commenting on the deal, Ryan Clark, President and Managing Director at Genstar said, “Genstar has built a strong and deep expertise within the insurance sector and we are very pleased with the outcome of this investment. It gives us great pride to have played a role in building Acrisure into an industry leader, particularly working in partnership with Greg Williams and his executive team. Together, we have exceeded all our expectations, and we are very pleased to continue as investors to participate in Acrisure’s future growth.”
Acrisure acquired 138 retail agencies in the last three years, including three agencies in Massachusetts
Founded in Michigan in 2005, Acrisure was acquired by Genstar in 2013. Upon its acquisition, the company embarked on an ambitious campaign to expand both its geographic footprint and insurance offerings throughout the country.
In fact, under Genstar’s ownership, Acrisure has become the most active individual buyer of agencies in the country for the past three years. The firm has acquired an impressive 138 retail insurance brokerages over the past three years, including three in Massachusetts, as well as increasing its revenues to more than $670 million annually. As a result, the firm now ranks as the 13th largest brokerage firm in the U.S.