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 clients) also increased their investment, and along with Harvest Partners SCF, which is also investing to support this transaction, the three investors now have invested or committed to $2 billion of preferred equity in the company.
The investment implies a valuation for Acrisure of more than $7 billion and, pro forma for this transaction, Acrisure remains over 83 percent owned by its management team and agency partners, according to the company’s announcement.
Acrisure has grown from $650 million in revenue to approximately $1.5 billion in revenue over the past two years.
The company completed 92 acquisitions in 2017 and expects to complete over 100 by year-end 2018.
In 2016, Acrisure completed a $2.9 billion management-led buyout (MBO) in a transaction led by Greg Williams, Acrisure’s president and chief executive officer and co-founder, and a consortium of minority investors. Blackstone and Partners Group were part of the initial group of investors supporting the MBO.
Evercore acted as exclusive financial adviser to Acrisure for this transaction.
Acrisure has over 400 agency partners with locations in 32 states, seven international locations, and approximately 5,600 employees.
Source: Acrisure
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