Lovell Minnick to exit Investment in Worldwide Facilities
Private equity firm Lovell Minnick Partners is exit its investment in Worldwide Facilities (Worldwide), a national wholesale insurance brokerage, managing general agency and program manager, with Genstar to become a new investor in the company.
Financial terms of the private transaction have not been disclosed.
“It has been a privilege to partner with the Worldwide management team over the past four years. We’re proud to have supported the Company in executing its strategic goal of becoming a larger, more diversified, top-five insurance wholesaler in the US market,” says Spencer Hoffman, a Partner at Lovell Minnick Partners. “We believe Worldwide is well-positioned for continued growth and success as it begins its next chapter of partnership with Genstar.”
Headquartered in Los Angeles, Worldwide is one of the largest national wholesale insurance brokerage, managing general agent and program underwriters in the US. Founded in 1970, the Company has dedicated teams of product line specialists across its brokerage, managing general agent and program underwriter business units. With over 700 employees in 37 offices, Worldwide serves as the managing general agent for several leading carriers and provides a wide range of underwriting, rating, binding and policy issuance services.
“Given our focus investing in the insurance sector, we have tracked Worldwide for many years, and have been impressed with the company’s significant growth,” says Ryan Clark, President and Managing Director at Genstar. “The management team is outstanding and has established Worldwide as an employer and platform of choice, and we believe there are multiple opportunities to continue organic growth and strengthen its position as a leading independent wholesale broker, MGA and program manager. Importantly, we expect to support strategic add-on acquisitions that will further scale the business and enhance its technology and product offerings to create innovative solutions for its clients.”