Private equity firm GTCR has signed a definitive agreement to sell AssuredPartners to Apax Partners.
Founded in 2011, AssuredPartners is the 6th largest independent P&C insurance brokerage in the nation with offices in over 30 states, the District of Columbia and London. Through Assured’s network of agencies, the Company provides property and casualty and employee benefits insurance brokerage services to commercial enterprises and individuals.
In executing the Leaders Strategy, GTCR partnered with long-time insurance brokerage industry leaders Jim Henderson and Tom Riley to form AssuredPartners in 2011. Mssrs Henderson and Riley had over 50 years of combined experience in the insurance brokerage industry, with specific experience in building a national broker through acquisitions and organic growth.
Since forming Assured in 2011, the Company completed 101 acquisitions becoming one of the leading middle market insurance brokers in the United States.
“The acquisitions and growth that Jim and Tom and the entire Assured team accomplished over the last four years represent another excellent example of GTCR successfully executing The Leaders Strategy,” says GTCR Managing Director David Donnini (pictured). “The entire Assured team has built a tremendous platform that is well-positioned for long-term success.”
“We’d like to thank GTCR for their commitment and support in building Assured over the last four years,” says Henderson. “GTCR has been a great partner, and extremely supportive of the investments made to grow the business and position Assured to achieve long-term growth. We are excited to continue to support our customers with the same high quality level of service they have come to expect from AssuredPartners.”
“GTCR is proud to have supported the Assured management team since the formation of the business. The successful partnership with Jim and Tom and the entire team is a testament to their ability to build a leading national broker,” added GTCR Managing Director Aaron Cohen. “Their M&A acumen and operational excellence have driven an impressive record of success.”
The transaction is expected to close in the third quarter of 2015.
BofA Merrill Lynch served as lead financial advisor to Assured and GTCR with Barclays and Morgan Stanley & Co. LLC also serving as financial advisors. Kirkland & Ellis LLP provided legal counsel to Assured and GTCR.
