As Neil Brown and Wade Thompson considered acquiring Central Interconnect Inc. late last year, they found themselves interested in the opportunity the company presented.
Here is the MiBiz Growth Report for Nov. 28, 2016:
- • M&A: Caledonia-based insurance broker Acrisure LLC has completed the $2.9 billion management-led buyout of private equity firm Genstar Capital. Greg Williams, Acrisure’s co-founder and CEO, and a consortium of minority investors led the buyout of the San Francisco-based Genstar Capital, which three years ago committed $75 million in capital to the company. That investment enabled Acrisure to embark on an aggressive growth and acquisition strategy and become one of the 15 largest insurance brokers in the nation. Since mid-2013, Acrisure has acquired 138 independent insurance agencies across the nation, establishing a presence in 26 states and growing revenues from $38 million to more than $670 million in 2016. Acrisure closed on nearly 50 acquisitions so far this year and will likely end 2016 with 60 deals, Williams said.
After 35 years under the ownership of founder Arlen Smith, Central Interconnect Inc. has been sold to new owners at the culmination of an 18-month-long process.