Partners Group, a global private markets firm, has, on behalf of clients, is to acquire a controlling stake in Foundation Risk Partners (FRP), a specialist insurance broker in the US, from Warburg Pincus.
FRP’s management will maintain a substantial stake in the business while Warburg Pincus will retain a meaningful minority position.
Headquartered in Daytona Beach, Florida, FRP assists businesses and private individuals in navigating the complex US insurance landscape. The company’s areas of expertise include commercial insurance, employee benefits, personal insurance, and risk management services. FRP helps clients, which include small to mid-sized businesses and high net worth individuals, evaluate risks, secure appropriate coverage, ensure competitive pricing, and manage claims. It has a footprint of 139 offices across 18 states, with a primary focus in Florida, New Jersey, New York, and California.
Partners Group will work with management to drive further growth at FRP and expand its presence across the US. Key value creation initiatives will include refining the acquisition strategy and expanding M&A, introducing the product suite in new geographies, investing in technology, and further leveraging the operating model.
Partners Group was advised by Morgan Stanley & Co LLC as its financial advisor and Ropes & Gray LLP as legal counsel. Warburg Pincus and Foundation Risk Partners were advised by Barclays, MarshBerry, Kirkland & Ellis LLP, Jamieson Corporate Finance, and Peter W Klein, Attorney at Law.
