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ABRY Partners, a private equity firm headquartered in Boston, completed an investment in broker The Hilb Group L.L.C. on Wednesday, Hilb said in a statement.
Terms of the investment were not disclosed; however the current Richmond, Virginia-based Hilb management team and its employee shareholders will remain significant shareholders alongside ABRY, the statement said.
BHMS Investments L.P. of New York, Hilb’s previous equity partner, has exited the business, the statement said.
“The partnership will provide continued funding of The Hilb Group’s national expansion program,” Hilb said in its statement.
Since 2010, The Hilb Group has acquired 15 firms in nine states, according to the statement.
“Working with the ABRY team, we can capitalize on our vision to continue expanding beyond the East Coast, and we will be actively seeking partnerships with platform agencies that share our values and entrepreneurial spirit, ” Robert J. Hilb, president and CEO of The Hilb Group, said in the statement
“Our partnership is based on a shared vision and culture, and we look forward to building a significant, diversified retail brokerage platform,” Tim Nickel, principal at ABRY Partners said in the statement.