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Private equity firm Genstar Capital LLC has become a new investor in excess and surplus lines wholesaler Worldwide Facilities LLC.
Meanwhile, Radnor, Pennsylvania-based Lovell Minnick Partners is exiting its investment in Worldwide. Financial terms of the private transaction were not disclosed, according to a joint statement by the two private equity firms.
Los Angeles-based Worldwide was the fifth-largest wholesaler according to Business Insurance’s latest ranking, with $1.28 billion in 2017 premium volume.
Worldwide completed its acquisition of national specialty intermediary Gerald J. Sullivan Associates Inc. in June 2018.
In 2016, broker Acrisure LLC said it had signed a definitive management-led buyout of the company, which is now based in Caledonia, Michigan, with its management and operating partners acquiring control of the firm from San Francisco-based Genstar, which had acquired the company in 2013.
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.