Boston-based private equity firm ABRY Partners has completed a significant investment in the The Hilb Group, a Richmond, Virginia-based insurance group.
In connection with the transaction, The Hilb Group said its current private equity partner, BHMS Investments, which came onboard in 2011, will exit the business.
The current Hilb management team and its employee shareholders will remain significant shareholders alongside ABRY, according to the announcement.
The partnership will provide continued funding of The Hilb Group’s national expansion program. Since 2010, The Hilb Group has acquired 15 firms in nine states in the middle-market insurance brokerage space. BHMS has funded The Hilb Group’s transactions to date.
The Hilb Group was formed in 2009 by former senior executives of Hilb Rogal & Hobbs Co. (HRH), which was bought by broker Willis Group Holdings for $2.1 billion in 2008.
The Hilb Group said it is looking to continue growing through targeted acquisitions in the middle market insurance brokerage space. The company now has 29 offices in Florida, Georgia, Kentucky, Maryland, New York, North Carolina, Tennessee, Texas, Virginia and West Virginia.
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