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Apax VIII, a fund advised by Apax Partners, has agreed to sell its entire stake in AssuredPartners, a growing U.S. insurance brokerage, to an investor group led by GTCR, a Chicago-based private equity firm.

GTCR previously owned AssuredPartners from its inception in 2011 until its sale to Apax VIII in 2015. The terms of this latest transaction were not disclosed.

The deal would value the broker at about $5.1 billion including debt, Bloomberg reported after speaking with people familiar with the matter.

The transaction is expected to close in the second quarter of 2019.

Apax IX, a separate fund advised by Apax Partners, will co-invest in the transaction alongside GTCR taking a significant minority stake in AssuredPartners. AssuredPartners’ management team retains its significant minority stake in the business.

Established in 2011, AssuredPartners is one of the largest insurance brokers in the United States, distributing property/casualty insurance, risk management, employee benefits and personal insurance. Headquartered in Lake Mary, Florida, the company operates from 200 offices across 30 states and London, England.

GTCR partnered with management to form AssuredPartners in 2011 with the goal of creating a leading middle market broker. Over the course of four years, the company completed 112 acquisitions and grew annualized revenue to more than $500 million.

Apax VIII acquired a majority stake in AssuredPartners in 2015. The Apax Funds have experience investing in the insurance sector, including Hub International and Genex, which they exited in 2013 and 2018 respectively, and current investment Duck Creek Technologies.

GTCR also has experience investing in the insurance industry with past investments in insurance brokers Alliant Resources and AssuredPartners, specialty carrier Ironshore, premium finance provider Premium Credit Limited and software company Solera.

Source: AssuredPartners

Topics Mergers & Acquisitions Agencies