PCF Insurance Services completed a management and partner-led buyout of PCF from financial sponsor HGGC, which values the business at more than $2.2 billion.
The transaction, including financing of more than $1 billion, was led by PCF CEO Peter C. Foy, along with the firm’s executive team, partner investor firm, Owl Rock, a division of Blue Owl, and strategic advisory firm, Sica Fletcher.
HGGC will retain a minority interest in the business.
Lehi, Utah-based PCF is a consultant and insurance brokerage firm offering commercial, life and health, employee benefits and workers’ compensation solutions.
HGGC is a middle-market private equity firm with more than $5.6 billion in reported cumulative capital commitments based in Palo Alto, Calif.
Was this article valuable?
Here are more articles you may enjoy.
NYC Mayor Mamdani Widens Delivery-App Crackdown With Lost-Pay Lawsuit 
Battle Between Applied Systems and Comulate Escalates With New Antitrust Lawsuit 
Insurance Regulators, Trades Get Behind Latest Effort to Abolish FIO 
Alabama DOI Report Shows Litigation Is Up, Raising Liability Costs and Rates 
