EPIC acquires Integro
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EPIC Holdings Inc. said Monday it has acquired Integro Holdings Inc., which includes substantially all of the U.S. operations of Integro Group Holdings LP.
Terms of the transaction were not disclosed. New York-based Integro, which was founded in 2005, was acquired by private equity firm Odyssey Investment Partners LLC in 2015.
San Francisco-based EPIC said in its statement Integro will bring expertise that is well-aligned with EPIC’s diverse insurance distribution platform. EPIC is backed by New York-based Oak Hill Capital Management LLC.
Integro is the 21st largest broker of U.S. business, according to Business Insurance’s latest ranking, with $205.4 million in U.S. brokerage revenue in 2017.
The parent company, Integro Group Holdings, has 32 offices, including offices in Bermuda and the United Kingdom, and reported 2017 gross revenue of $275.1 million. About 75% of its clients are U.S.-based, 61% of its business is retail, 24.3% is wholesale, 4.5% is personal lines and 3.2% is reinsurance.
Edgewood Partners Insurance Center Inc., which does business as EPIC Insurance Brokers & Consultants, ranked as the 15th largest broker of U.S. business, according to Business Insurance’s latest ranking with $374.4 million in U.S. brokerage revenue in its 2017 fiscal year, which ended Aug 31.
Private equity firm Oak Hill Capital Management LLC acquired all of the Washington, D.C.-based Carlyle Group LP’s stake in EPIC Insurance Brokers & Consultants in 2017, giving Oak Hill a controlling equity position in the brokerage.
Pete Garvey, EPIC Insurance Brokers & Consultants CEO, is a founder and former CEO of Integro Ltd., which was founded by several former executives of Marsh & McLennan Cos. Inc., including Mr. Garvey, a former senior executive in its brokerage unit, and the late Robert Clements, former president of Marsh & McLennan.
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