Alliant Resources Group, Inc., of Stamford, Conn., one of the largest U.S. insurance brokerage and financial services distribution companies, has acquired California-based Gaddy Ward & Company Insurance Brokers. Gaddy Ward will become part of Alliant’s largest subsidiary, Driver Alliant Insurance Services, Inc., headquartered in San Diego.
Founded in 1996 by Stan Ward and Scott Gaddy, Gaddy Ward focuses on the commercial construction industry. Its largest clients include public works contractors and real estate developers. Gaddy Ward had revenues in excess of $4 million for 2003.
“The Gaddy Ward acquisition gives Driver Alliant and Alliant Resources Group additional specialty expertise in a growing geographic area and segment of the insurance market,” said Tom Corbett, chairman and CEO of Driver Alliant.
Alliant was founded by John Addeo and equity partner GTCR Golder Rauner, LLC in March 2000. Alliant’s business plan contemplates rapid expansion over the next several years through the continued selective acquisition of high-quality regional insurance brokerage firms that possess strong management teams and demonstrated records of growth, profitability and quality service. Strong sales management, as well as cross selling of insurance products, are key components of Alliant’s marketing strategy. Alliant’s revenues for 2003 were in excess of $158 million.
Alliant has completed 11 acquisitions and is aggressively pursuing additional acquisitions and strategic partnerships throughout the country to complement its existing operating companies and products.
GTCR is a Chicago-based private equity firm currently managing in excess of $6 billion in equity and subordinated debt capital. Founded in 1981, GTCR is one of the most respected private equity firms in the country. GTCR’s investment approach is to provide capital to experienced management teams to grow their business internally and through acquisition in fragmented and consolidating industries. GTCR currently has approximately 65 portfolio company investments primarily in the business services sector of the economy.
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