AmWINS Group Completes Recapitalization Deal

June 8, 2012

AmWINS Group Inc., based in Charlotte, N.C., has completed its recapitalization with the private equity firm New Mountain Capital of New York.

As announced on April 17, 2012, the wholesale insurance broker reported that its management and employee shareholders agreed on a $1.3 billion recapitalization with private equity firm. Other terms of the transaction were not disclosed.

M. Steven DeCarlo, CEO of AmWINS, said that employee shareholders will continue to own more than one third of AmWINS. He has also said no changes to AmWINS’ senior management, local management or operational teams would be made as a result of the deal.

The deal ends the firm’s partnership with Parthenon Capital Partners. Parthenon bought a majority percent stake in AmWINS in 2005.

“This new partnership is an important next step for the future of AmWINS,” DeCarlo said. “As AmWINS celebrates its 10 year anniversary this month and partners with New Mountain, it means a new chapter of endless possibilities for our firm and how we serve our clients, distribute our carrier partners’ products, provide tools and resources for our employees and recruit new talent.”

“We are looking forward to working closely with the accomplished AmWINS team to further develop the company’s leading global independent specialty distribution platform,” said Alok Singh, managing director at New Mountain Capital.

Financial Technology Partners LP, Goldman Sachs & Co. and Willis Capital Markets & Advisory acted as financial advisors to AmWINS. Credit Suisse and Macquarie Capital acted as financial advisors to New Mountain. The credit facility was co-led by Credit Suisse and Goldman Sachs.

AmWINS Group Inc. is a wholesale distributor of specialty insurance products and services. The company has more than 2,400 employees located in 19 countries, and handles more than $7 billion in premium annually through its four divisions: Brokerage, Underwriting, Group Benefits and International.

Source: AmWINS Group Inc.

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