San Francisco-based private equity firm Genstar Capital LLC has acquired Acrisure, a large retail insurance brokerage headquartered in Grand Rapids, Mich.
Acrisure’s product lines include property and casualty, employee benefits and related third party administrator services, human resource outsourcing, loss and claims management, surety bonding and personal lines coverage.
The company was co-founded in 2005 by CEO Greg Williams to acquire independent insurance agencies across the Midwest and since then has completed 26 acquisitions.
J. Ryan Clark, a managing director at Genstar, as well as Tony Salewski and David Golde of Genstar will join the Acrisure board of directors. John Addeo, retired CEO of Genstar’s former portfolio company, Confie Seguros, will also join the Acrisure Board.
Clark said Genstar plans to leverage its an opportunity to leverage its “extensive insurance executive network to accelerate growth and expand the company’s footprint nationally.”
Genstar pursued a similar growth strategy with its former portfolio company Confie Seguros, which Genstar helped build into the pre-eminent national insurance distribution company primarily focused on the needs of Hispanic consumers.
Genstar partnered with John Addeo and other leading insurance industry executives in 2008 to establish Confie Seguros and grew the company to more than 300 retail locations with annual revenues approaching $200 million by 2012.
Genstar completed a successful sale of Confie Seguros in November 2012.
AcquiGrowth Capital advised Genstar and Dowling Hales advised Acrisure on the transaction.
Source: Genstar Capital