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CHARLOTTE, N.C.American Wholesale Insurance Group said Thursday that it signed a definitive agreement to sell a majority of its ownership to affiliates of Parthenon Capital L.L.C., a Boston and San Francisco-based private equity firm.
AmWINS, the nation's second-largest insurance wholesaler, was 50% owned by Pegasus Capital Advisors L.P., a Cos Cob, Conn.-based private equity firm, and 50% owned by management.
Under the new ownership arrangement, management will continue to own "a substantial portion" of the company, AmWINS said in a statement.
Terms of the deal, which is subject to normal and customary closing conditions, were not disclosed.