Integro sells to private equity firmReprints
New York-based insurance brokerage Integro Ltd. on Wednesday said it has reached an agreement to be acquired by Odyssey Investment Partners L.L.C.
Terms of the transaction, which is expected to be completed in the fourth quarter of this year, were not disclosed.
Integro reported 2014 brokerage revenue of $212.4 million, according to Business Insurance's latest Directory of Agents & Brokers. The brokerage has more than 40 offices in the U.S., Canada, the U.K., and Bermuda, Integro said in the statement.
The firm's specialty practices include energy, trade and logistics, health care, entertainment, professional services, aviation, reinsurance, and benefits consulting, according to the statement.
Integro management will remain in place, and certain members of the management team and other employees will remain shareholders in the company, according to the statement.
“Odyssey is an ideal partner as we build on the powerful platform our early investors helped us put in place,” William Goldstein, president of Integro, said in the statement. “Odyssey's resources and industry expertise will help accelerate the growth trajectory of our core business and specialty acquisitions.”
Shareholders of Integro that control approximately 70% of the shares entitled to vote on the acquisition have entered into voting agreements with the acquiring entities affiliated with Odyssey, the statement said.
“Integro is an extraordinary success story, and we are committed to supporting its continued development, particularly around its specialty offerings,” Jeffrey McKibben, a managing principal of New York-based Odyssey Investment Partners, said in the statement.
Integro was founded in 2005 by several former executives of Marsh & McLennan Cos. Inc., including the late Robert Clements, former president of Marsh & McLennan, and Peter Garvey, a former senior executive in its brokerage unit.
After Mr. Garvey's abrupt departure from Integro in May 2014, Integro named Mr. Clements' son, John Clements, chairman of the board of directors and Rocco J. Nittoli as vice chairman to succeed Mr. Garvey.
Integro is the 20th-largest broker of U.S. business, according to Business Insurance's latest ranking.