GCP Capital Partners, a middle market private equity firm, has sold its interests in Acrisure to Genstar Capital.
Based in Grand Rapids, Michigan, Acrisure is the 50th largest privately owned retail insurance agency in the US. The company was co-founded in 2005 by chief executive Greg Williams to acquire independent insurance agencies across the Midwest and since then has completed 26 acquisitions.
The sale was a successful outcome for GCP following its USD20m investment in Acrisure in 2010 in order to support the company’s acquisition growth plan.
Williams says: "I am very pleased with the partnership we developed with GCP and the confidence they demonstrated in our team over the course of their investment. Having initially built Acrisure with primarily individual and personal capital, GCP was our first institutional capital partner. We are grateful for GCP’s strategic guidance and hands-on involvement, which allowed us to grow our sales and operating infrastructure more rapidly and to position Acrisure today to enter its next phase of growth with its new investment partner."
Boris Gutin (pictured), a managing director at GCP Capital, says: "Greg Williams is a highly capable manager and leader who has built an exceptionally strong team and culture at Acrisure. There are a limited number of insurance brokerage platforms in the US that have grown to a significant scale. Since our investment three years ago, we have worked closely with Acrisure’s management to achieve its growth plans and create a strong operating platform through complementary acquisitions, organic growth and development of key sales and management talent. Through these efforts, Acrisure has become a leading retail insurance platform in the Midwest, and we believe the company is capable of continuing to generate substantial future growth."
