Brokerage PCF completes management buyout

PCF Insurance Services on Tuesday said its management has led a buyout of the company from private equity backer HGGC LLC, which values the business at more than $2.2 billion.

The buyout has backing from new private equity investor Owl Rock, a division of Blue Owl Capital Inc., and included financing of more than $1 billion, PCF said.

The deal was led by PCF CEO Peter C. Foy and the executive team, alongside Owl Rock and advisory firm Sica Fletcher LLC.

HGGC, which purchased PCF in 2020, will retain a minority stake in the company, the Lehi, Utah-based retail brokerage said.

Since 2020, acquisitive PCF has completed over 100 deals and now has more than 1,700 employees.

PCF ranked as the 27th-largest broker of U.S. business, according to Business Insurance’s latest ranking, with 2020 U.S. brokerage revenue of $235 million.