Los Angeles, Calif.-based national wholesale insurance broker Worldwide Facilities has signed an agreement with Genstar Capital, a San Francisco-based private equity firm, for an investment in Worldwide Facilities. The financial terms of the transaction were not disclosed.
Private equity firm Lovell Minnick is divesting its interests in Worldwide as part of the deal. Lovell Minnick made what the parties called a “large investment” in Worldwide in 2015.
The Genstar deal is expected to close in the third quarter of 2019.
Worldwide Facilities is a wholesale insurance broker, managing general agent and program underwriter. In 2018, the firm reported that it had grown from $550 million in gross written premium three years earlier to about $1.5 billion in premium in 2018. The firm has more than 700 employees in 37 offices.
Davis Moore, CEO of Worldwide Facilities, said that with Lovell Minnick the firm “completed eight acquisitions, added high quality producers and management talent and achieved above average organic growth while building a specialized and diversified platform.”
Genstar Capital is a private equity firm with a reported $17 billion of assets under management. Earlier this week, Genstar sold its stake in insurance software firm Insurity to GI Partners.
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