US middle market private equity firm Gemspring Capital has completed the sale of insurance services holding company Insurvia to an affiliate of private investment firm BharCap Partners. Financial terms of the transaction have not been disclosed.
Insurvia will go to market through insurance retail franchisor Fiesta Insurance and independent insurance agency La Familia Insurance, both of which focus on the growing Hispanic market in the US.
According to a press release, Gemspring’s ownership saw Insurvia grow through acquisition and organic growth across new and existing store locations; develop an omnichannel sales model operating online, in retail stores and call centre; and introduce new products.
In a statement, Alex Shakibnia, Managing Director at Gemspring, said: “It’s been a privilege to partner with the Insurvia team to help meet the needs of its customers and drive a strategy focused on growth, product innovation, and value creation.
“Insurvia provides substantial value to its customers, carrier partners, franchisees, and employees.”
Robert W Baird & Co served as financial adviser and McDermott Will & Emery served as legal counsel to Insurvia and Gemspring.
Gemspring is based in Westport, Connecticut and oversees $2.5bn of capital. Its target companies have up to $1bn in revenue and draw from the sectors of aerospace & defence, business services, consumer services, financial and insurance services, healthcare services, industrial services, software and tech-enabled services and specialty manufacturing.
BharCap is based in Stanford, Connecticut and invests in businesses across the financial services sector including specialty commercial finance and wealth management, asset management, insurance distribution and insurance services, financial technology and tech-enabled business-to-business financial services.
