Insurance company secures $2B in investment
A trio of investor groups are investing $2 billion in an insurance company in the area.
Caledonia Township-based Acrisure said today the total represents an increase in investment from New York-based Blackstone’s GSO Capital Partners and Tactical Opportunities businesses and Zug, Switzerland-based Partners Group, along with an investment from New York-based Harvest Partners SCF to "support the transaction."
The investments have already been made or are committed.
The total investment “implies a valuation” of more than $7 billion for Acrisure, an increase from $2.9 billion at the time of a management-led buyout in 2016.
Acrisure remains over 83-percent owned by its management team and agency partners.
Greg Williams, co-founder, president and CEO of Acrisure, said the additional capital will benefit the company as it continues to pursue additional merger and acquisition opportunities.
Acrisure said it has grown from $650 million in revenue to about $1.5 billion in revenue over the past two years.
The company completed 92 acquisitions in 2017.
It expects to complete more than 100 acquisitions by the end of 2018.
“Based on this progress, we are very optimistic about the company’s continued future performance, and we remain strongly supportive of the team as it accelerates Acrisure’s growth trajectory,” said Louis Salvatore, senior managing director, GSO Capital Partners.
New York-based Evercore was the exclusive financial advisor to Acrisure for the transaction.
Acrisure is a group of insurance and risk management agencies with a variety of offerings: comprehensive property and casualty; employee benefits; human resource outsourcing; loss and claims management; surety bonding; and personal lines solutions.
The company has over 400 agency partners with about 5,600 employees in 32 states and several countries.