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Sica | Fletcher Advises on Acrisure’s $2.9 billion Management Led Buy Out

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Overview of Transaction

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  • Acrisure LLC, a national insurance brokerage based in Grand Rapids, Mich., completed it’s $2.9 billion management led buy out.  The transaction was led by Greg Williams, Acrisure’s chief executive officer and co-founder, and a consortium of minority investors.

  • Genstar Capital acquired Acrisure in 2013 and worked with Williams and the Acrisure management team to expand Acrisure’s geographic footprint and to broaden the size and scope of its insurance offerings.

  • Under Genstar’s ownership and Williams leadership, there have been 138 successful Acrisure acquisitions of retail insurance brokerages. Annual revenues today exceed $670 million.

 

Significance of Transaction

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  • The Acrisure buy-out is arguably first of its kind among the large PE backed brokers whereby active agency partners, producers and management now own the majority of the firm (including  full board control).  Most other PE backed brokers in the space are typically majority owned and controlled by their PE backed investor.

  • While Genstar was able monetize most of its stake at a strong valuation, all shareholders had the ability to monetize a portion of their equity stake while retaining significant upside from future growth

  • Acrisure will be well positioned in the highly competitive acquisition market by levering its “partner owner agency” story to separate itself from other PE backed acquirers.

 

Sica | Fletcher's Role

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  • Sica | Fletcher served as exclusive strategic and financial advisor to the consortium of investors who partnered with Acrisure management to finance the $2.9 billion transaction

  • This Acrisure transaction highlights Sica | Fletcher’s ability to rapidly identify opportunities in highly complex transactions and confidentially execute such transactions

  • Combining their unparalleled knowledge of the brokerage space and  deep and intimate knowledge of Acrisure allowed Sica | Fletcher to identify the ideal investor group to finance the non-management owed equity component of the transaction.

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