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Acrisure L.L.C. said Friday it has signed a definitive agreement for a management-led buyout of the company, led by Greg Williams, the broker's CEO and co-founder, and a consortium of minority investors.
Terms of the deal were not disclosed.
Acrisure management and its operating partners are acquiring control of the Grand Rapids-based company from Genstar Capital, which acquired the company in 2013. Since the 2013 acquisition, Acrisure has acquired over 138 retail insurance brokerages, according to a statement released by the company.
Acrisure's brokerage revenue was $410.7 million in 2015 compared with $29.7 million in 2012, according to Business Insurance research.
The move will not reduce the number of Acrisure’s acquisitions, according to an Acrisure spokesman.
Acrisure is the 14th largest broker of U.S. business according to Business Insurance’s latest ranking.
(Reuters) — Axis Capital Holdings Ltd. has not communicated with any potential acquirer, including Arch Capital Ltd., since it engaged in merger talks with competitor PartnerRe Ltd. last fall, people familiar with the matter said Thursday.