EPIC, JenCap get new private equity owner
Posted On: Dec. 2, 2020 11:59 AM CST
New York-based private equity firm Harvest Partners LP is taking a majority stake in Galway Insurance Holdings LLC, the holding company for retail broker EPIC Insurance Brokers & Consultants and wholesaler JenCap Holdings LLC.
Galway’s existing private equity owners Oak Hill Capital Partners and The Carlyle Group, both based in New York, will remain investors in the company, Galway said in a statement.
Galway was formed earlier this year by Oak Hill and Carlyle. Oak Hill acquired San Francisco-based EPIC in 2017 and Carlyle bought a majority stake in JenCap in 2016.
“This recapitalization provides us with the ability to be opportunistic in today’s market; to grow and expand each of Galway’s related specialty strategies,” John Hahn, chairman of Galway, said in a statement.
EPIC is the 15th-largest brokerage of U.S. business with about $736 million in brokerage revenue and JenCap is the eighth-largest wholesaler with $100 million in revenue and $1.12 billion in premium volume, according to Business Insurance’s most recent rankings.