Cooper Gay Swett & Crawford Limited (CGSC) has announced the closing of its investment agreement with Lightyear Capital LLC. According to the agreement “an affiliated investment fund of the New York-based private equity firm along with institutional co-investors will take a controlling interest in CGSC following the previously announced signing of a definitive agreement on 22 October 2012,” said the announcement.
“The investment will provide CGSC with the ability to continue its growth by acquisition of high quality businesses and teams which will further enhance CGSC’s leading position in the wholesale and reinsurance markets,” it continued; adding that “CGSC has a strong pipeline of acquisition opportunities which will be developed further over the coming year.”
The exact terms of the agreement have not been disclosed
Group CEO Toby Esser commented: “Together with Lightyear’s financial services expertise, we are confident that our excellent people and global platform strongly position CGSC to take advantage of the many opportunities available in the global insurance market.”
Lightyear’s Chairman Donald B. Marron noted the “long-term growth opportunities in the global insurance brokerage industry.”
Mark F. Vassallo, Managing Partner of Lightyear, added: “Toby Esser has done a wonderful job leading this business, and we look forward to working with him and management to accomplish his ambitions for CGSC in the future.”
Source: Cooper Gay Swett & Crawford