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Private equity firm Abry Partners may sell its majority stake in insurance brokerage Hilb Group for more than $1 billion including debt, Reuters reported Wednesday.
The acquisitive Richmond, Virginia-based brokerage is the 28th largest brokerage of US business with $141.7 million in 2018 revenue, according to Business Insurance’s latest ranking.
Boston-based Abry acquired its stake in Hilb in mid-2015 from BHMS Investments LP of New York, but the terms of that transaction were not disclosed. Private equity firms often sell on brokerage investments after about a five-year period.
Hilb did not respond to requests for comment.
Hilb has announced 18 acquisitions in 2019 and has 85 offices in 21 states.