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Insurance broker acquired by private-equity backer

Insurance broker acquired by private-equity backer

AssuredPartners Inc. will be acquired from GTCR L.L.C. by funds advised by Apax Partners L.L.P., the companies said Monday.

Terms of the transaction, expected to close in the third quarter of 2015, were not disclosed.

Under the agreement, funds advised by Apax, a London-based private equity investment firm, will hold a majority interest in Lake Mary, Florida-based AssuredPartners. GTCR is based in Chicago.

AssuredPartners' senior management will retain a “significant” equity position in the company, according to the statement.

AssuredPartners co-founders Jim Henderson, chairman and CEO, and Tom Riley, president and COO, will continue to lead the company along with the current management team from its Lake Mary headquarters, according to the statement.

AssuredPartners had 2014 brokerage revenue of $449.1 million, up 29.9% from 2013. The company has offices in over 30 states, the District of Columbia and London, the statement said.

“We look forward to our partnership with the Apax team as we pursue the next chapter in our vision to build one of the leading middle-market retail insurance brokerage firms in the nation by partnering with successful regional and local agencies,” Mr. Henderson said in the statement.

“We have been following Assured closely since its inception and have been impressed with the strategy and vision articulated by the management team,” Mitch Truwit, co-CEO of Apax, said in the statement.

AssuredPartners is the 13th-largest broker of U.S. business, according to Business Insurance's latest ranking.

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