US-based Private equity firm Genstar Capital has purchased a retail insurance brokerage organization Acrisure, in an undisclosed deal.
Acrisure co-founder and CEO Greg Williams said that the deal will offer extra resources and precious expertise and accelerate the development of the Acrisure business portfolio.
Based on the terms of the deal, managing director of Genstar J Ryan Clark, and two executives of the same company including Tony Salewski and David Golde will join the Acrisure board of directors.
Additionally, Genstar's former portfolio company, Confie Seguros retired CEO John Addeo will also join the Acrisure board.
Commenting on the deal, Clark, said, "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."
The acquired entity was set up in 2005 to acquire independent insurance agencies throughout the Midwest and since then has acquired 26 companies.
It delivers property & casualty, employee benefits and related third party administrator services, human resource outsourcing, loss & claims management, surety bonding and personal lines coverage.
Genstar and Acrisure were advised by AcquiGrowth Capital and Dowling Hales, respectively pertaining to the transaction.