Three firms are increasing their investments in Acrisure LLC, the Caledonia, Michigan-based insurance brokerage announced.
Acrisure said a group of investors led by funds managed by Blackstone’s GSO Capital Partners and Tactical Opportunities businesses (Blackstone), have significantly increased their investment in the company.
Partners Group (on behalf of its customers) has also increased their investments and at the same time, three investors now invest or invest $ 2 billion in the company with the Harvest Partners SCF, which invests in support of the transaction.
The investment marks a valuation of more than $ 7 billion for Acrisure and proforma for this transaction. According to company announcements, Acrisure is over 83% of the management team and agency partners.
Acrisure has generated approximately $ 1.5 billion in revenue from $ 650 million in the last two years.
In 2017, the Company completed the purchase of 92 units and aims to complete 2018 by the end of the year.
In 2016, Acrisure completed a $ 2.9 billion management-led acquisition (MBO) led by Greg Williams, a vice president and CEO of Acrisure and a consortium of minority investors. Blackstone and Partners Group were part of the first group of investors to support the MBO.
Evercore acted as the exclusive financial advisor to Acrisure for this transaction.
Acrisure has more than 400 agency partners in 32 states, seven international locations and nearly 5,600 employees.
Legal warning !
The information, comments and suggestions there are not covered by investment advice. It is based on the author's personal opinions. These views may not fit your financial situation and risk and return preferences. For this reason, based solely on this information, investment decisions may not have the appropriate consequences for your expectation. Our Site is not responsible for any direct or indirect damages incurred by the investors as a result of the use of the information on the Site, deficiencies in the sources, damages incurred by profit, moral damages, or damage to third parties.