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Private equity firm DFW Capital Partners Inc. has taken a majority stake in ReSource Pro L.L.C., the New-York-based insurtech company said Tuesday.
Terms of the transaction were not disclosed.
DFW Capital Partner’s stake was acquired from Distinguished Programs Group L.L.C., which no longer owns an interest in the business, ResourcePro CEO Dan Epstein told Business Insurance via email.
ReSource Pro will now be an independent company owned by DFW Capital Partners and ReSource Pro management, who are minority stakeholders, he said.
“Management owns a substantial minority stake through a large acquired vested ownership position and an incentive ownership program,” Mr. Epstein said in his email.
ReSource Pro, founded in 2004, is primarily a business adviser to the insurance industry, the company said in a statement.
The company will continue as a stand-alone entity with its existing management team, according to the statement.
“We’ve found a genuine partner in DFW both in terms of the opportunity we see to support operational transformation in the insurance industry and also in the alignment of our business cultures,” Mr. Epstein said in the company statement.
Teaneck, New Jersey-based DFW focuses on investing in middle market firms in the health care, business services and industrial services industries, the statement said.
“DFW’s strategy has been to invest in middle-market companies with strong management teams and consistent annual revenue growth,” Keith W. Pennell, managing partner of DFW, said in the statement.
Insurtech funding reached a total of $2.3 billion in 2017, a 36% increase over 2016, Willis Towers Watson P.L.C. said in a report released Thursday.