Genstar Capital, a middle market private equity firm that focuses on investments in the insurance and financial services, software, life sciences, healthcare and industrial technology industries, has acquired Acrisure, a retail insurance brokerage organisation.
Based in Grand Rapids, Michigan, Acrisure is the 50th largest privately owned insurance agency in the US whose product lines include property and casualty, employee benefits and related third party administrator services, human resource outsourcing, loss and claims management, surety bonding and personal lines coverage.
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.
Williams says: "I am pleased to be partnering with the team at Genstar who bring a proven track record of growing and building a company like ours in the insurance industry. We have a shared vision to continue Acrisure’s growth both organically and through strategic acquisitions and Genstar is the ideal partner who brings additional resources and valuable expertise as we acquire strategic add-on opportunities and accelerate the growth of the Acrisure portfolio."
J Ryan Clark (pictured), a managing director at Genstar, as well as Tony Salewski and David Golde of Genstar, will join the Acrisure board of directors. In addition, John Addeo, retired CEO of Genstar’s former portfolio company, Confie Seguros, will also join the Acrisure board.
Clark says: "Greg is a highly successful and capable leader who has built Acrisure into one of the leading insurance agencies in the Midwest. We were attracted by the company’s historically strong performance, both organically and through acquisitions, its broad set of capabilities, and the high quality of the management team and local agency partners. By working with Greg and his team we believe we have an opportunity to leverage Genstar’s extensive insurance executive network to accelerate growth and expand the company’s footprint nationally."
